Shares of ACME Solar Holdings Ltd soared 9% on Friday, 13 March, after the company reported the completion of a battery energy storage system (BESS) project in Rajasthan.

ACME Solar’s subsidiaries have commissioned 142.67 MW / 481.49 MWh of BESS capacity in phase 1, with a total anticipated capacity of 585 MW / 2,011.24 MWh under these special purpose vehicles (SPVs).

Overall, the company’s existing renewable portfolio necessitates the development of almost 17 GWh of battery storage capacity in various stages across many states.

The BESS project, located in Rajasthan, is linked to the operational Inter-State Transmission System.

In the near future, the facility will operate on a merchant basis, allowing the corporation to increase revenue by capitalising on the price difference between peak and off-peak power demand hours.

Over time, the storage systems will be connected with the company’s firm and dispatchable renewable energy (FDRE) projects, which will run under 25-year power purchase agreements (PPAs).

Battery energy storage devices improve grid resilience and power utilisation by storing electricity during periods of low demand and releasing it when demand increases. This skill is becoming increasingly crucial in balancing supply and demand and enhancing overall grid stability.

At 1:10 pm, the shares of ACME Solar Holdings Ltd were trading 6.78% higher at Rs 256.38 on NSE.

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