ACME Solar's Subsidiary Secures Major Loan for Renewable Projects

ACME Sun Power has secured a Rs 3,753 crore loan from REC Limited for developing a 320 MW green energy project in Rajasthan and Gujarat with SJVN. A Power Purchase Agreement has been finalized, and REC will serve as the sole lender for the initiative.

In a significant move towards bolstering India's renewable energy sector, ACME Solar Holdings' subsidiary, ACME Sun Power, has secured a formidable Rs 3,753 crore term loan from the state-owned REC Limited. This financing is designated for the development and construction of a 320 MW green energy project, undertaken in collaboration with SJVN.

The project, which will span across Jaisalmer in Rajasthan and Bhuj and Jam Khambhaliya in Gujarat, is a testament to the company's commitment to enhancing India's renewable energy footprint. A Power Purchase Agreement with SJVN is already in place, and grid connectivity has been secured, the company announced on Sunday.

Chairman and Founder Manoj Kumar Upadhyay hailed REC Limited's financial backing, calling it a significant endorsement of confidence from the lenders. He noted that the funding is instrumental in ACME's mission to construct top-tier renewable energy projects, thereby advancing India's green energy transition goals.

(With inputs from agencies.)