INDIA ROUND-UP: Emmvee launches IPO and ACME, Reliance secure FDRE tender

The IPO comprises a fresh issue worth INR21.43 billion (US$24 million) and an offer for sale of INR7.56 billion, taking the total offer size to INR29 billion. Investors can bid for a minimum of 69 shares and in multiples thereafter. 

Additionally, the IPO will be conducted through the book-building process under Regulation 6(2) of Securities and Exchange Board of India’s (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations.  

At least 75% of the offer is reserved for Qualified Institutional Buyers (QIBs), with up to 60% of the QIB portion available for Anchor Investors. One-third of the Anchor Investor allocation will be reserved for domestic mutual funds, with any unsubscribed shares added back to the Net QIB portion. 

Under the regulations, 5% of the Net QIB portion is reserved for mutual funds, with the remainder allocated to all QIBs (excluding Anchor Investors). Up to 15% of the offer is earmarked for non-institutional investors (NIIs)—one-third for bids between INR0.2-1 million and two-thirds for bids above INR1 million—while 10% is reserved for retail investors, subject to valid bids at or above the offer price. 

All bidders, except Anchor Investors, must apply through the ASBA process (using UPI for eligible bidders), with bid amounts blocked in their accounts; Anchor Investors cannot use ASBA for their portion. 

Bengaluru-based Emmvee operates 7.8 GW of module and 2.94 GW of cell capacity as of June 2025. Recently, the firm secured an INR 15 billion (US$174 million) order from Indian independent power producer (IPP) KPI Green Energy for tunnel oxide passivated contact (TOPCon) bifacial solar modules. The modules are being manufactured at Emmvee’s Dabaspet and Sulibele facilities in Karnataka and will be installed at KPI Green’s project site in Gujarat. 

ACME Solar secures 450MW/1,800MWh FDRE project from SJVN 

Indian solar developer ACME Solar has been awarded a 450 MW/1800 MWh firm and dispatchable renewable energy project from India’s Navratna public sector utility company Satluj Jal Vidyut Nigam (SJVN). 

ACME won the SJVN FDRE-IV project at a tariff of INR6.75/unit for 25 years. The project requires supplying 4MWh per MW of capacity during a four-hour peak demand window each day, maintaining 90% monthly availability.  

It will integrate 300MW of solar with 1,800MWh of battery energy storage system (BESS) to deliver power for grid stability and peak demand management.  

According to the firm, the plant will leverage night-time connectivity at its Rajasthan sites and marks the company’s first project using Indian-made solar cells listed under the Approved List of Models and Manufacturers (ALMM) List-II. 

Commenting on the tender, Rahul Kashyapa, chief commercial officer, ACME Solar, said the project leverages night-time transmission capacity to generate early revenue, marking a mutually beneficial deal for both the company and its customer, achieved at the lowest tariff in a pure peak power tender to date. 

ACME Solar has an operational capacity of 2,918MW and 4,472MW under construction, including 13.5GWh of BESS installations. Recently, ACME Group established a new subsidiary to manage its renewable equipment manufacturing business and scale up TOPCon PV module production. The company appointed Jitendra Agrawal as COO to lead its domestic and global expansion, oversee new investments, and strengthen its presence across the renewable value chain.

Reliance NU Energies wins 750MW/3,000MWh FDRE project from SJVN 

Reliance NU Energies, a Reliance Power subsidiary, has won the 750 MW/3,000 MWh FDRE tender issued by SJVN. 

According to the exchange filing, the project forms part of SJVN’s 1,500MW/6,000MWh FDRE inter-state transmission system (ISTS) tender. The firm secured the award with a tariff of INR6.74/kWh and will develop a hybrid project comprising 900MWp of solar and over 3,000MWh of battery energy storage (BESS) capacity to deliver firm, dispatchable renewable power to DISCOMs during peak demand hours. 

The e-reverse auction for the tender witnessed strong industry participation, being oversubscribed 3.3 times with 14 qualified bidders, underscoring growing interest in India’s hybrid and storage-based renewable energy projects. 

Reliance Power said the win strengthens the group’s position in the market with a portfolio exceeding 4GWp of solar and 6.5GWh of storage across four projects.