ACME Solar receives Rs 1,988 crore funding from Power Finance Corporation

Delhi Delhi: ACME Renewtech Private Limited, a subsidiary of recently listed company ACME Solar Holdings Limited, has secured term loan financing of Rs 1,988 crore from Power Finance Corporation (PFC) for development and construction of a 300 MW solar-wind hybrid renewable energy project.The project will be located at wind sites in Bikaner, Rajasthan and Bhuj, Gujarat.

The company informed the stock exchanges on Thursday that a power purchase agreement has already been signed with NTPC and grid connectivity has been arranged for the project. The land for 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 rate of Rs 3.05 per unit.

As per the PPA terms, the project has to commence operations on or before June 30, 2025.To accomplish this, ACME Solar plans to award its existing under-construction ACME Sikar project in a fresh bid, leveraging its existing grid connectivity in Bikaner-2 and the significant capital expenditure already made.In mid-November, a few days after its listing, ACME Sun Power, a subsidiary of ACME Solar Holdings, had secured term loan financing of Rs 3,753 crore from state-owned REC Ltd to develop and construct 320 MW green energy projects in collaboration with SJVN. The parent company was listed on the exchanges on November 13.