ACME Solar Holdings Ltd. Wins Compensation of ~Rs. 47.40 Crores in Material Litigation

ACME Solar Holdings Ltd. has won a compensation of ~Rs. 47.40 crores in a material litigation involving its subsidiary, ACME Aklera Power Technology Private Limited. The Rajasthan Electricity Regulatory Commission (RERC) has allowed Change in Law compensation of ~Rs. 39.92 crores for increase in GST and imposition of Basic Customs Duty (BCD) on solar modules and cells. The RERC has also allowed carrying cost of ~Rs. 7.50 crores. The total amount allowed to the company is ~Rs. 47.40 crores. The admitted Change in Law amount is payable through the annuity mechanism at a 9% discount rate, over 15 years or the balance PPA term, whichever is less. The company, based on legal advice, intends to file an appeal before Appellate Tribunal for Electricity for certain disallowed claims of ~Rs. 7.82 crores.