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ACME Solar has secured long-term project financing of INR 2,646.64 crore from state-owned REC Ltd to develop a 450 MW/1,800 MWh Firm and Dispatchable Renewable Energy (FDRE) project. REC will act as the sole lender for the project with a 20-year financing tenure. The project combines solar power, wind energy and Battery Energy Storage Systems (BESS) to provide reliable and dispatchable renewable electricity during periods of peak demand. ACME Solar has also signed a 25-year Power Purchase Agreement (PPA) with SJVN Ltd at a tariff of INR 6.74 per unit. The project forms part of the growing deployment of integrated renewable energy systems designed to improve grid reliability while supporting India's clean energy transition.
ACME Solar has secured long-term project funding of INR 2,646.64 crore from state-owned REC Ltd for the development of a 450 MW/1,800 MWh Firm and Dispatchable Renewable Energy (FDRE) project. Announced during the past week, the financing will support the construction of the integrated renewable energy project, with REC serving as the sole lender over a tenure of 20 years.
According to the company, the project will combine solar power generation, wind energy and Battery Energy Storage Systems (BESS) to deliver reliable and dispatchable renewable electricity. The integrated design is intended to ensure power availability during peak demand periods while improving the predictability of renewable energy supply to the grid.
ACME Solar stated that the funding has been secured for its ACME Greentech Seventh 450 MW/1,800 MWh Assured Peak Power Project. The project has been structured to meet Firm and Dispatchable Renewable Energy requirements by integrating multiple renewable energy technologies with energy storage, enabling electricity to be supplied in line with contractual obligations rather than depending solely on intermittent generation.
The company has also executed a 25-year Power Purchase Agreement (PPA) with SJVN Ltd for the project. Under the agreement, electricity generated from the facility will be supplied at a tariff of INR 6.74 per unit over the contract period, providing long-term revenue visibility for the project.
REC Ltd will provide the entire debt requirement for the project, making it the sole financier. The long-term funding is expected to support the project's construction and commissioning while facilitating the deployment of integrated renewable generation and storage infrastructure.
Firm and Dispatchable Renewable Energy projects are increasingly being adopted within India's renewable energy sector as they combine different clean energy sources with battery storage to provide a more dependable power supply. By integrating solar generation, wind power and BESS, the ACME Greentech Seventh project aims to improve the consistency of renewable energy delivery and support grid stability during periods of high electricity demand.
The financing reflects continued investment in hybrid renewable energy projects equipped with storage systems, which are playing an expanding role in India's efforts to increase renewable energy capacity while ensuring a reliable and flexible electricity supply.
Source - PTI
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