ACME’s Subsidiary Secures Rs. 1,988 Cr Financing From PFC

ACME Renewtech Private Limited, a subsidiary of Haryana-based ACME Solar Holdings (ACME Solar) recently secured Rs. 1,988 crore term loan financing from Power Finance Corporation (PFC). 

This financing will fund the development and construction of a 300 MW Solar-Wind Hybrid Renewable Energy Project. The project will be located in high-resource potential areas, with solar capacity to be developed in Bikaner, Rajasthan, and wind sites in Bhuj, Gujarat. A power Purchase Agreement (PPA) has already been signed with NTPC, and grid connectivity for the project is in place.

Acme Secures Financing For Solar Projects

The land for the solar capacity has been fully procured. PFC, acting as the sole lender, has structured the financing with an optimal debt-to-equity ratio of 80:20. 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 the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per unit. 

The project is required to commence operation on or before June 30, 2025, as per the PPA terms. To fulfill this, ACME Solar plans to allocate its existing under-construction, on the ACME Sikar project to the new bid, leveraging its existing grid connectivity in Bikaner-2 and the significant capital expenditure already incurred. The project will benefit from the Inter-State Transmission System (ISTS) waiver, as the Scheduled Commercial Operation Date (SCOD) is set before June 2025, aligning with the government’s incentives for the early operationalization of renewable energy projects. 

ACME Solar Commissions 1 GW Solar Projects In Rajasthan

Haryana-based ACME Solar Holdings Limited (ASHL), has also commissioned its four ISTS-connected SECI projects. These solar projects aggregated to 1.02 GW are located in Jaisalmer, Rajasthan. They are part of a 1200 MW cluster spread over 4 projects.

ACME Solar Commissions 1 GW Solar Projects In Rajasthan

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This achievement marks the commissioning of one of the largest single-location projects in India. The remaining capacity of 177 MW from these plants is already energized and is in the process of commissioning. The project had already started supplying power from October 2024.

Jevargi, Juniper, Avaada, and ACME Secure 1.2 GW FDRE Tender

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This project at its full capacity is estimated to generate around 3000 MUs of clean electricity. Located in one of the best solar irradiation zones in the country, it leverages common infrastructure from all four plants (300 MW each) to evacuate power leading to optimized generation at a higher efficiency. The project is financed by PFC and REC and has a 25-year PPA with Solar Energy Corporation of India (SECI). The project is being commissioned at a tariff of Rs 2.44/ unit.