ACME Solar Holdings Ltd Allows LoA Exit Without Penalty Under Flexibility Scheme

ACME Solar Holdings Ltd has announced that successful bidders can exit from the Letter of Award (LoA) without any penalty and collect their Earnest Money Deposit (EMD) under the Flexibility Scheme. The decision comes after the Ministry of Power's order making participation in the scheme voluntary and a writ petition filed by West Bengal State Electricity Distribution Company Limited challenging the scheme's provisions. The 300 MW solar project, proposed to be developed through ACME Sigma Urja Private Limited, is currently not generating any revenue or profitability, hence there is no material impact on the company's current financial performance or profitability.