ACME Solar Seizes Multi-Billion Funding for Renewable Expansion

ACME Renewtech, a subsidiary of ACME Solar Holdings, secures Rs 1,988 crore from Power Finance Corporation to develop a 300 MW solar-wind project in Rajasthan and Gujarat. The agreement with NTPC ensures grid connectivity and early completion by June 2025. Additional Rs 3,753 crore secured for further green projects with REC Limited.

ACME Renewtech Private Limited, linked to the newly listed ACME Solar Holdings Limited, has clinched Rs 1,988 crore from Power Finance Corporation (PFC) in term loan financing. This substantial funding will support the development and construction of a 300 MW solar-wind hybrid renewable energy project spanning Bikaner, Rajasthan and Bhuj, Gujarat.

According to the company's announcement to stock exchanges, a Power Purchase Agreement has been finalized with NTPC, and grid connectivity is secured. The land necessary for the solar capacity has been completely acquired. In a strategic win, ACME Solar has further reinforced its renewable energy footprint by obtaining a 300 MW Solar Power Project contract at a Rs 3.05 per unit tariff.

The project is slated to go live by June 30, 2025, as per the Power Purchase Agreement (PPA) terms. In pursuit of this goal, ACME Solar plans to integrate its current under-construction ACME Sikar project into the new bid, capitalizing on its existing Bikaner-2 grid connectivity and significant pre-existing capital investments.

In mid-November, shortly after its market debut on November 13, ACME Solar Holdings' subsidiary, ACME Sun Power, secured a Rs 3,753 crore term loan from REC Limited for a 320 MW green energy initiative. This project, in partnership with SJVN, will unfold in Jaisalmer, Rajasthan and parts of Gujarat, including Bhuj and Jam Khambhaliya.

REC Limited, which attained Maharatna status in 2022, will act as the sole financier for this endeavor, reinforcing its role in the power infrastructure sector. The development of these projects marks a significant milestone in ACME Solar's aggressive expansion into the renewable energy scene.

(With inputs from agencies.)