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					</table><p>Gurgaon-based independent power producer <a href="https://www.acmesolar.in/index" target="_blank" rel="noopener">ACME Solar Holdings</a> has reported a revenue of ₹5.48 billion (~$58.05 million) in the fourth quarter (Q4) of the financial year (FY) 2026, a 12.5% year-over-year (YoY) jump from ₹4.87 billion (~$51.59 million).</p>
<p>The company attributed the quarter&#8217;s revenue rise to a higher capacity utilization factor (CUF) and capacity additions.</p>
<p>As of May 2026, the company’s power generation capacity stands at 2,990 MW and battery storage capacity at 2,352 MWh.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-94539 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1.png" alt="" width="725" height="262" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1.png 725w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1-300x108.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1-650x235.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1-624x226.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/operating1-600x217.png 600w" sizes="auto, (max-width: 725px) 100vw, 725px" /></a></p>
<p>Power generation rose by 13.7% to 1,720 million units in Q4 FY 2026, and by 61.1% to 6,464 million units during the year.</p>
<p>The profit after tax (PAT) jumped by 13.1% YoY to ₹1.38 billion (~$14.62 million) in Q4 FY 2026, from ₹1.22 billion (~$12.93 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹6.36 billion (~$67.39 million), a 30.3% YoY increase from ₹4.88 billion (~$51.71 million).</p>
<p>Earnings per share (EPS) in Q4 FY 2026 stood at ₹2.27 (~$0.024), up from  ₹2.14 (~$0.023).</p>
<p>Last quarter, the company <a href="https://mercomindia.com/higher-capacity-additions-cuf-drive-acmes-q3-fy-2026-revenue-by-54" target="_blank" rel="noopener">reported</a> a 53.9% YoY jump in revenue to ₹6.17 billion (~$67.14 million).</p>
<p><strong>FY 2026 Results</strong></p>
<p>ACME reported a revenue from operations of ₹20.23 billion (~$214.39 million) in FY 2026, up 44% YoY from ₹14.05 billion (~$148.88 million).</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/opeation2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-94540 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/opeation2.png" alt="" width="522" height="362" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/opeation2.png 522w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/05/opeation2-300x208.png 300w" sizes="auto, (max-width: 522px) 100vw, 522px" /></a></p>
<p>The company’s PAT rose by 98.5% YoY to ₹4.98 billion (~$52.77 million) from ₹2.51 billion (~$26.60 million).</p>
<p>EBITDA jumped by 61.2% to ₹22.65 billion (~$240.00 million) from ₹14.06 billion (~$148.97 million) in the same period last year.</p>
<p>EPS for FY 2026 came in at ₹8.16 (~$0.086), compared to an EPS of ₹4.53 (~$0.047) last year.</p>
<p><strong>Business Highlights</strong></p>
<p>ACME has a portfolio of 8,071 MW of projects, including around 17 GWh of battery storage installations and 6,270 MW of signed power purchase agreements (PPAs).</p>
<p>The company commissioned a 2.3 GWh battery storage project, which delivers a net realization of ₹22 million (~$233,000)/day.</p>
<p>During the quarter, it commissioned a 100 MW wind project and <a href="https://www.mercomindia.com/datta-infra-serentica-ampin-acme-win-secis-4-8-gwh-fdre-auction" target="_blank" rel="noopener">won</a> a 301 MW firm and dispatchable renewable energy (FDRE) project from Solar Energy Corporation of India. After winning the 301 MW FDRE project, ACME’s FY 2026 project additions rose to 1,401 MW.</p>
<p>Out of the 5,081 MW of projects under construction in FY 2026, ACME has signed PPAs for 3,280 MW.</p>
<p>The company has set a target of adding 10 GW of generation capacity and 20 GWh of battery storage capacity by 2030.</p>
<p>In December 2025, ACME Solar Holdings <a href="https://mercomindia.com/acme-solar-secures-%E2%82%B947-2-billion-financing-for-renewable-energy-projects" target="_blank" rel="noopener">secured</a> a debt tie-up of ₹47.2 billion (~$519.2 million) from Indian financial institutions to fund the construction of renewable energy projects and optimize its capital structure by reducing financing costs.</p>


ACME Solar’s Q4 Revenue Rises 12.5% on Capacity Additions, Higher CUF


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					</table><p>Engineering, procurement, and construction (EPC) company <a href="https://hartek.com/" target="_blank" rel="noopener">Hartek Group</a> has commissioned a 300 MW solar power project in Rajasthan.</p>
<p>The company had won the contract from an independent power producer at an estimated cost of ₹4.74 billion (~$53 million) in 2024.</p>
<p>As of now, Hartek has developed more than 400 extra-high voltage (EHV) and high-voltage (HV) substations. It has also installed 200 MW of rooftop solar projects.</p>
<p>At the Mercom India Renewables Summit 2025, Simarpreet Singh, CEO and Director at Hartek Group, <a href="https://www.mercomindia.com/pli-style-support-could-transform-indias-grid-equipment-manufacturing-interview" target="_blank" rel="noopener">highlighted</a> the challenges faced by EPC players, including transmission infrastructure shortages and supply chain issues. He noted the lack of quality manufacturers in the HV and EHV segments.</p>
<p>In July 2025, Hartek Group <a href="https://www.mercomindia.com/hartek-bags-%E2%82%B91-38-billion-substation-contract-from-pgcil-in-karnataka" target="_blank" rel="noopener">secured</a> a contract worth ₹1.38 billion (~$16.05 million) from the Power Grid Corporation of India to develop a 400 kV air-insulated substation. PGCIL has won this project from PFC Consulting. This substation is part of the transmission program to integrate renewable energy zones in Davanagere, Chitradurga, and Ballari districts of Karnataka.</p>
<p>In January 2025, Hartek Group’s commercial and industrial rooftop solar business <a href="https://www.mercomindia.com/hartek-wins-epc-contract-for-8-mw-rooftop-solar-project-in-jk" target="_blank" rel="noopener">won</a> a solar EPC contract from Kandhari Beverages for an 8 MW rooftop solar installation project in Jammu and Kashmir. The project involved designing and procuring solar modules, inverters, and associated equipment, as well as testing and commissioning the project.</p>
<p>In 2024, it also <a href="https://www.mercomindia.com/hartek-power-secures-solar-project-from-sjvn" target="_blank" rel="noopener">secured</a> an order from SJVN Green Energy to develop, implement, and maintain a 75 MW grid-connected solar power project, along with a 132 kV substation in Jamui, Bihar. The comprehensive scope of work encompasses tasks such as land development, design, and engineering, as well as equipment procurement, testing at the manufacturer’s works, packing, forwarding, and transportation. The project was valued at ₹1.13 billion (~$13.6 million).</p>
<p>According to Mercom’s India Solar Market Leaderboard 2025 Report, Hartek Group <a href="https://mercomindia.com/leading-solar-epc-companies-2024" target="_blank" rel="noopener">emerged</a> as one of the top utility-scale solar EPC service providers in 2024.</p>


Hartek Commissions 300 MW Solar EPC Project in Rajasthan

<p>The Ministry of Energy of the Republic of Uzbekistan has invited Expression of Interest (EoI) from international investors to develop nearly 400 MW of solar independent power producer (IPP) projects in the regions of Samarkand and Jizzakh.</p>
<p>Each solar project will have a capacity of approximately 200 MW.  The last date for the submission of interest is March 21, 2020. The scope of work includes the development, finance, construction, and operation of the two solar projects.</p>
<p>The successful bidder needs to sign the power purchase agreement (PPA) for 25 years. At the Samarkand site, the project will be in the Kattakurgan district. Out of the 500 hectares of available land, 450 hectares will be used for the project.</p>
<p>In the Jizzakh region, the project will be located at the Gallaorol district. Out of the 597 hectares of available land, 540 hectares will be used for the project.</p>
<p>Despite having significant solar potential, Uzbekistan is highly dependent on natural gas for its electricity generation. The government aims to develop renewable energy to diversify the country’s energy mix and attract private investment in the sector.  It has initiated an energy strategy to increase the share of renewable energy generation up to 5 GW over the next ten years.</p>
<p>As part of these reforms, the government has involved the International Finance Corporation (IFC), a member of the World Bank Group, as the lead transaction advisor to assist them in structuring and tendering of up to 900 MW solar PV projects.</p>
<p>According to the official document, over the next five years, the government estimates that more than $2.8 billion will be required to upgrade the existing infrastructure while adding new power generation could cost as much as $14.4 billion.</p>
<p>To reduce the burden on the state budget, as well as to enhance the flow of technology and know-how into the country, the government is looking to attract foreign investors to a sector that, until recently, was largely off-limits to foreign investments.</p>
<p>In October 2019, Masdar (or Abu Dhabi Future Energy Company) <a href="https://mercomindia.com/masdar-wins-bid-100-mw-solar-project-uzbekistan/" target="_blank" rel="noopener noreferrer">announced</a> it had won the bid to develop Uzbekistan’s first public-private partnership solar project under the IFC’s “Scaling Solar” program.</p>
<p>In February 2019, Uzbekenergo JSC, a government-owned power utility, <a href="https://mercomindia.com/uzbekistan-solar-tender-100-mw/" target="_blank" rel="noopener noreferrer">issued</a> a request for selection for 100 MW of grid-connected solar projects to be developed in Navoi Oblast.</p>


Uzbekistan Seeks Foreign Investors to Develop 400 MW of Solar Projects

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