Acme Solar Secures Funding for Ambitious 300 MW Hybrid Project

Acme Solar Holdings has raised Rs 1,988 crore from the Power Finance Corporation to fund a 300 MW hybrid project through a SECI auction. The project includes solar development in Rajasthan and wind energy in Gujarat, with a power purchase agreement signed with NTPC.

Acme Solar Holdings announced on Thursday that it has successfully secured Rs 1,988 crore in funding from the Power Finance Corporation (PFC). This financial boost is set to support a 300 MW hybrid energy project, which the company won through a SECI auction.

Located in high-potential areas, the project will combine solar energy development in Bikaner, Rajasthan, and wind energy in Bhuj, Gujarat. According to Acme Solar Holdings, the funding will be channeled through its subsidiary ACME Renewtech Pvt Ltd, ensuring the construction of this renewable energy venture.

The company has already inked a power purchase agreement (PPA) with NTPC and secured grid connectivity for the project. Additionally, Acme Solar acquired land for the solar capacity and won another 300 MW solar project under the SECI-ISTS XVIII scheme, with scheduled operations to start by June 30, 2025.

(With inputs from agencies.)