Cleantech major ACME Group has entered the renewable energy equipment manufacturing business with the commissioning of its 1.2 GW solar PV module facility in Jaipur and will also consider manufacturing solar cells in Rajasthan in the next few years, said chairman Manoj K. Upadhyay.
Although the plant started trial production in January, the commercial operations of the facility recently started after a stabilization period and following the inclusion of the group company—MKU Holdings Pvt. Ltd—in the Approved List of Models and Manufacturers (ALMM) of the ministry of new and renewable energy. The chairman told Mint that the investment in the plant has been ₹230 crore, and the group plans to expand the capacity going forward.
The manufacturing business would be housed under MKU Holdings Pvt. Ltd. The group has prepared a road map for its renewable equipment manufacturing business and is targeting a revenue of ₹10,000 crore by 2030 in this space.
Manoj K. Upadhyay, chairman, ACME Group, said, “Our strategic entry into the renewable equipment manufacturing business aligns seamlessly with the Make in India initiative. It marks a significant milestone in our journey to contribute meaningfully to India’s clean energy transition. We are committed to scaling up this business through new capacity-enhancing investments and solar cell manufacturing in the next few years.”
The union ministry of new and renewable energy last week included MKU Holdings in ALMM, which would allow the company to secure contracts under government-backed projects and private initiatives requiring certified modules.
Supporting Make in India
On the inclusion of the company’s modules under the ALMM, Upadhyay said, “It also reinforces our alignment to the vision of ‘Atmanirbhar Bharat’ initiative to reduce reliance on imports while positioning our nation as a global hub for clean energy equipment and technology.”
ACME Group plans to actively bid and participate in supply agreements for solar modules for government projects, schemes, Solar Energy Corporation of India (Seci) tenders, rooftop solar installations (net-metering), Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) schemes and export opportunities.
The Jaipur facility is designed to produce high-efficiency solar modules, including the latest ‘TOPCon’ modules, catering to diverse applications—from utility-scale power plants to rooftop installations.
With this diversification, ACME would compete with several other renewable energy companies, which are also present in equipment manufacturing and standalone module and cell manufacturers. The major module makers include Adani Solar, Waarree Energies, Vikram Solar and Tata Power Solar.
The launch comes as both the government and the industry aim to achieve 500 GW of non-fossil power generation capacity by 2030. The Centre is looking at developing the domestic solar equipment manufacturing capacity, which would be able to cater to the 500 GW targetted capacity and lower the dependence on Chinese imports.
Already, a production-linked incentive (PLI) scheme for the National Programme on High Efficiency Solar PV Module is underway with an outlay of ₹24,000 crore to boost the local solar ecosystem.
Currently, India’s solar module manufacturing capacity stands at around 80 GW and is expected to reach 125 GW in 2030, while the cell manufacturing capacity is projected to reach 40 GW from the current 25 GW.
The company has a diversified portfolio of integrated renewable energy solutions comprising solar, wind, hybrid, firm, and dispatchable projects. Its current renewable energy capacity stands at over 2.7 GW. The company also has an in-house EPC (engineering, procurement, and construction) division, operation, and maintenance team to develop, build, own, operate, and maintain utility-scale renewable energy projects.
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