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ACME Solar Holdings has secured INR 1,571 crore in project financing from India Infrastructure Finance Company Ltd (IIFCL) for developing its 300 MW ACME Renewtech Sixth assured peak power project in Rajasthan. The financing marks IIFCL’s first sole greenfield funding for ACME, with the lender providing the entire project debt over a 19-year repayment period. The project has a 25-year power purchase agreement with SECI at a tariff of INR 6.28 per unit. The latest funding takes ACME Solar’s total financing secured during the current financial year to INR 10,976 crore.
ACME Solar Holdings has raised INR 1,571 crore in project financing from India Infrastructure Finance Company Ltd (IIFCL) for the development of its 300 MW ACME Renewtech Sixth assured peak power project in Rajasthan.
The financing has been secured at a competitive interest rate, with IIFCL acting as the sole lender for the project. The facility carries a repayment tenor of 19 years and represents IIFCL’s first sole greenfield project financing for ACME Solar.
With this financing, ACME Solar’s total funding secured during the current financial year has reached INR 10,976 crore. The company is expanding its renewable energy portfolio while increasing its focus on projects that can provide more predictable and dispatchable power.
The Rajasthan project is backed by a 25-year power purchase agreement with Solar Energy Corporation of India Ltd (SECI). Under the agreement, power from the project will be supplied at a tariff of INR 6.28 per unit.
Alongside the project being financed by IIFCL, ACME Solar is also progressing with its ACME Greentech Seventh assured peak power project. The project combines solar generation with battery energy storage to meet the supply requirements under its power purchase agreement.
The seventh project involves a total capital expenditure of INR 2,123 crore and forms part of ACME Solar’s broader battery-storage investment programme for the current financial year. It will integrate 1,350 MWh of battery energy storage capacity with solar generation.
The project has made progress on several key infrastructure requirements. Grid connectivity is already operational, while work on the pooling substation and dedicated transmission line is at an advanced stage. A substantial portion of the required land has also been secured.
The integration of battery storage is intended to enable the project to provide assured peak power under its power purchase agreement. By combining renewable generation with storage, the project is designed to improve the predictability and dispatchability of electricity supplied to the off-taker.
The latest financing highlights ACME Solar’s continued deployment of capital towards renewable energy and storage-linked projects. The company is increasingly pursuing assured peak power projects that combine different technologies to provide renewable electricity in line with contracted supply obligations.
Source PTI
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