HSBC Global Investment Research has initiated coverage of ACME Solar Holdings and Clean Max Enviro Energy Solutions, giving both companies a 'Buy' rating. Analysts project a target price of ₹350 for ACME Solar and ₹1,150 for Clean Max, driven by a structural growth story in India's renewable energy sector. Factors contributing to this optimism include urbanization, industrialization, and a strong push towards decarbonization, making renewable energy more affordable. Currently, solar power costs less than half of thermal power, with renewables being 30-50% cheaper overall. In the past five years, around 80% of new energy capacity additions have come from renewables, which now constitute 17% of India's power generation mix. The report highlights the importance of project execution capabilities over capital costs and notes that battery energy storage solutions (BESS) are becoming increasingly competitive, further supporting the renewable energy transition. Analysts believe the developer-to-distributor and developer-to-consumer business models can coexist, bolstered by strong policy support and corporate commitments to renewable energy.