ACME Solar secures Rs 1,988 crore in financing from Power Finance Corporation for 300 MW project

New Delhi [India], December 26 : ACME Renewtech Private Limited, a subsidiary of recently-listed company ACME Solar Holdings Limited has secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW solar-wind hybrid renewable energy project.
The project will be located in Bikaner, Rajasthan, and wind sites in Bhuj, Gujarat.
The company informed stock exchanges on Thursday that a Power Purchase Agreement has already been signed with NTPC, and grid connectivity for the project is in place. The land for the solar capacity has been fully procured.
In addition to this significant development, ACME Solar has achieved another milestone in its renewable energy portfolio by securing a 300 MW Solar Power Project under a scheme at a tariff of Rs 3.05 per unit.
The project is required to commence operations on or before June 30, 2025, as per the PPA terms.
To fulfil this, ACME Solar plans to allocate its existing under-construction ACME Sikar project to the new bid, leveraging its existing grid connectivity in Bikaner-2 and the significant capital expenditure already incurred.
In mid-November, days after its listing, ACME Solar Holdings' subsidiary ACME Sun Power had secured a Rs 3,753 crore term loan financing from state-owned company REC Limited for the development and construction of a 320 MW green energy projects in collaboration with SJVN. The parent company was listed on the exchanges on November 13.
The projects would be located in Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat.
REC Limited will serve as the sole lender for this project, it had then said. REC, granted Maharatna status in 2022, finances the entire range of power infrastructure sector.
REC Limited will serve as the sole lender for this project, it added. REC, granted Maharatna status in 2022, finances the entire range of power infrastructure sector.