HSBC Global bets on renewables; initiates 'Buy' on ACME Solar, Clean Max
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HSBC Global Investment Research has initiated coverage on ACME Solar Holdings and Clean Max Enviro Energy Solutions, rating both as 'Buy' with target prices of ₹350 and ₹1,150, respectively. The firm highlights a structural growth in India's renewable energy sector driven by urbanization, industrialization, and electrification, with renewables now significantly cheaper than thermal power. Analysts emphasize the importance of project execution capabilities over capital costs and note the impact of battery energy storage solutions (BESS) in enhancing renewable energy adoption. Two viable business models, developer-to-distributor and developer-to-consumer, are identified as key to market growth.
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