ACME Group, a cleantech industry leader, ventured into the production of solar equipment with the inauguration of a 1.2 GW solar photovoltaic (PV) module manufacturing plant in Jaipur. ACME Group also intends to produce solar cells in Rajasthan in the future, said chairman Manoj K. Upadhyay.
The firm, which started trial production in January, has now transitioned to commercial production after stabilization. This is after the group’s subsidiary company, MKU Holdings Pvt. Ltd., was added to the Ministry of New and Renewable Energy (MNRE) Approved List of Models and Manufacturers (ALMM). This accreditation enables ACME to be involved in government-funded solar projects as well as private programs that demand certified modules.
Strategic Investment & Growth Plans
ACME Group has invested ₹230 crore in the Jaipur plant and is expecting ₹10,000 crore revenue from its renewable equipment manufacturing business within 2030. The manufacturing business will be retained under MKU Holdings Pvt. Ltd., further strengthening ACME’s foothold in India’s renewable energy transition.
“Joining the manufacturing of renewable equipment is included under the Make in India program. It’s a step ahead towards our devotion to India’s clean energy mission. We believe that we would take this business to a wider range through expansion in capacity as well as making solar cells within the next few years,” said Upadhyay.
Making India’s Vision of Renewable Energy Possible
With the installed non-fossil capacity target of 500 GW by 2030 set by India, the government is keen to promote domestic production of solar gear in order to decrease import dependence. The ₹24,000 crore high-efficiency solar PV module manufacturing-linked incentive (PLI) scheme has been initiated with the intention to promote domestic production.
India’s manufacturing output of solar modules, now standing at 80 GW, will be increased to 125 GW by the year 2030, and the manufacturing of solar cells is anticipated to grow from 25 GW to 40 GW.
Competitive Advantage & Market Positioning
The Jaipur unit, newly established, will manufacture high-efficiency solar panels, including TOPCon, for utility power plant and rooftop deployments. ACME will put out supply orders to tender in the government programmes, Solar Energy Corporation of India (SECI) tenders, rooftop solar (net-metering), and PM-KUSUM scheme.
ACME’s expansion will put it in contention with heavyweights Adani Solar, Waaree Energies, Vikram Solar, and Tata Power Solar.
Enabling ‘Atmanirbhar Bharat’
Upadhyay pointed out that ACME’s entry into ALMM deepens its Atmanirbhar Bharat commitment, decreasing dependence on imports and making India a world center for clean energy technology.
ACME has in its portfolio more than 2.7 GW of renewable energy assets, such as solar, wind, hybrid, and dispatch power solutions. It also has an in-house EPC department and O&M department to construct and operate large renewable projects.
As India speeds up its clean energy push, ACME Group’s investment in domestic solar manufacturing is set to be a major driver in creating a sustainable, self-sufficient future.
