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ACME Solar Holdings has secured long-term project financing of INR 2,646.64 crore from REC Limited for its 450 MW/1,800 MWh Firm and Dispatchable Renewable Energy (FDRE) project. The funding will support the project's development and construction, with REC acting as the sole lender for 20 years. The project, backed by a 25-year power purchase agreement with SJVN Limited, combines solar power with battery energy storage to deliver reliable peak power and strengthen India's clean energy infrastructure.
ACME Solar Holdings has raised INR 2,646.64 crore in long-term project financing from REC Limited for the development of its 450 MW/1,800 MWh ACME Greentech Seventh Assured Peak Power Project, marking another significant investment in India's expanding Firm and Dispatchable Renewable Energy (FDRE) segment. The financing will be utilised for the construction and development of the project, while REC Limited will serve as the sole lender over a tenure of 20 years.
The project is backed by a 25-year Power Purchase Agreement (PPA) signed with SJVN Limited at a tariff of INR 6.74 per unit, providing long-term revenue visibility and financial stability. The project integrates solar power generation with a 1,800 MWh Battery Energy Storage System (BESS), enabling the delivery of assured peak power by storing renewable energy and supplying electricity during periods of high demand or when solar generation is unavailable.
Unlike conventional solar projects that generate power only during daylight hours, FDRE projects combine renewable generation with energy storage to provide predictable and dispatchable electricity. This helps improve grid reliability while addressing the intermittency associated with renewable energy sources. The project aligns with India's broader strategy to increase the share of clean energy while ensuring round-the-clock power availability.
The latest funding further strengthens ACME Solar's position in India's renewable energy sector, where the company has built a diversified portfolio spanning solar, wind, hybrid, storage and FDRE projects. According to the company, its total portfolio stands at 8,070 MW, comprising operational assets, projects under construction and contracted renewable energy capacity. The company also has a substantial battery storage pipeline, reflecting the growing importance of storage technologies in India's clean energy transition.
Battery Energy Storage Systems are becoming increasingly important as India scales up renewable energy capacity. By storing surplus electricity generated during periods of high solar output and releasing it during evening peak demand, BESS improves grid flexibility, reduces dependence on conventional thermal power and enhances the overall efficiency of renewable energy integration.
The financing also highlights REC Limited's continued role in supporting India's energy transition by funding large-scale renewable energy and infrastructure projects. Long-term debt financing remains a critical component in enabling developers to execute capital-intensive clean energy projects while maintaining financial viability.
With financial closure now secured, ACME Solar is expected to accelerate construction activities for the project. Once commissioned, the facility will contribute to India's growing portfolio of dispatchable renewable energy assets, supporting the country's objective of expanding clean power capacity while strengthening energy security and grid stability.
Source - ACME
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