Acme Solar, Inox Wind to get rid of low-tariff projects - report

Acme Solar Holdings Pvt Ltd and Inox Wind (BOM:539083) both plan to sell their winning projects in Indian auctions with record-low bids, several informed people told newspaper Mint.

The subsidiary of the Acme Group intends to dispose of the up to 200-MW solar project at the Bhadla solar complex in Rajasthan for which it bid INR 2.44 (USD 0.038/EUR 0.032) per kWh in May. The planned move comes at a time when prices of Chinese solar modules are rising, the report says.

At the same time, Inox Wind Infrastructure Services Ltd wants to sell the 250-MW wind project it won in a 1-GW tender in February. The company offered a tariff of INR 3.46/kWh in that tender.

The following month, the Inox Group decided to sell its entire portfolio of operating wind farms totalling 260 MW to Leap Green Energy Pvt Ltd, majority-owned by JPMorgan Chase & Co (NYSE:JPM), in order to focus on its core operations, including wind turbine production.

A source told Mint the company seeks to ensure that the purchaser of the 250-MW wind scheme will use Inox Wind turbines when building the park.

(INR 1.0 = USD 0.157/EUR 0.131)

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