Waaree Energies to Acme Solar: Mixed trend for renewable energy stocks, check weekly performance

Renewable energy stocks showed mixed trend in a holiday-shortened week that ended Friday, December 27. Stock-specific action was seen on counters in the absence of a uniform pattern emerging in the sector. As a result, some stocks posted weekly gains, while others remained sluggish.

ACME Solar Holdings rise 2.7%

The company announced on Thursday that it has secured ₹1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project.

The project is backed by a power purchase agreement (PPA) with NTPC. ACME Solar has already secured grid connectivity and fully acquired land for its solar component. Operations are expected to commence by June 2025.

In a separate announcement, ACME Solar Holdings announced that the company has won a 300 MW solar project under the SECI-ISTS XVIII scheme at a tariff of ₹3.05 per unit.

NTPC Green Energy share price

This freed up as many as 1.83 crore NTPC Green Energy shares, or a 2% equity stake in the company, for trade. The initial public offering (IPO) of NTPC Green Energy was open for subscription from November 19 to November 22. The company had raised ₹3,960 crore from anchor investors on November 18.

On Friday, the stock closed at ₹129.8 apiece, up 3.02%, on the NSE, with a day high of 133.30 per share.

Waaree Energies fall over 3%

The company announced this week that its board approved capital expenditure amounting to over ₹2,000 crore.

“(The board has approved)… capital expenditure amounting to ₹2,073 crore and investment of ₹650 crore for setting up 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly owned subsidiary Waaree Energy Storage Solutions Private Ltd,” the company had said in a stock exchange notification earlier this week.

The board also approved capital expenditure (capex) of ₹130 crore in inverter business through its wholly-owned subsidiary Waaree Power Pvt. Ltd.

KPI Green Energy share price

Recently, KP Group’s chief managing director Dr. Faruk G. Patel said in an interview to a media house that KPI Green Energy aims to ramp up the revenue contribution from its independent power producer (IPP) projects to 25% from the existing 17%. Patel also reiterated that KPI Green Energy should grow at 60-70% in FY25 as guided earlier and this trajectory is likely to continue till FY30.

Suzlon Energy share price

Earlier this week, the company said that it has received a ₹20-lakh penalty order from the Enforcement Directorate (Hyderabad) over delay in realisation of select export proceeds for shipments completed till the financial year 2016-17 by its now subsumed subsidiary Suzlon Wind International Ltd. “With this, a long-standing legacy matter with the probe agency ED has now been concluded,” the company informed the stock exchanges.