ACME Solar Holdings Limited, a prominent renewable energy company recently listed on the stock exchange, has achieved significant milestones in its expansion journey. Its subsidiary, ACME Renewtech Private Limited, secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to develop a 300 MW solar-wind hybrid project in Rajasthan and Gujarat. Additionally, ACME Solar has secured a 300 MW solar project under a new scheme, while its subsidiary ACME Sun Power locked in a Rs 3,753 crore term loan from REC Limited for another green energy project. These developments signal a robust growth trajectory for the company in India's renewable energy sector.

ACME Renewtech Secures Rs 1,988 Crore Loan for Solar-Wind Hybrid Project

Project Details:
ACME Renewtech has obtained Rs 1,988 crore in financing from PFC to fund the development of a 300 MW hybrid renewable energy project. The project combines solar and wind energy, with the solar capacity located in Bikaner, Rajasthan, and the wind capacity in Bhuj, Gujarat.

Operational Readiness:
The company has confirmed that a Power Purchase Agreement (PPA) has been signed with NTPC, ensuring a buyer for the energy produced. Grid connectivity for the project is already secured, and the required land for the solar capacity has been fully procured, paving the way for smooth execution.

New Solar Project: A 300 MW Opportunity

Tariff Agreement:
ACME Solar has secured a 300 MW solar power project under a recent bidding scheme at a tariff of Rs 3.05 per unit. This competitive rate reflects the company’s commitment to providing cost-effective renewable energy.

Execution Timeline:
As per the PPA, the project is scheduled to commence operations by June 30, 2025. To meet this deadline, ACME plans to reallocate resources from its under-construction ACME Sikar project, leveraging its existing grid connectivity in Bikaner-2 and the substantial capital investment already made.

REC Limited’s Rs 3,753 Crore Financing for ACME Sun Power

Major Loan Secured:
In mid-November, ACME Solar’s subsidiary, ACME Sun Power, secured Rs 3,753 crore in term loan financing from REC Limited. The funds will be used to develop and construct 320 MW of green energy projects in collaboration with SJVN.

Project Locations:
The projects are strategically spread across Jaisalmer in Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat, reinforcing ACME’s footprint in renewable energy hotspots.

REC Limited's Role:
REC Limited, a Maharatna company since 2022, serves as the sole lender for this project. Known for financing the entire spectrum of power infrastructure, REC’s backing underscores its confidence in ACME’s capabilities.

Strategic Alignment with India's Renewable Energy Goals

Scaling Renewable Energy Portfolio:
These financing deals highlight ACME Solar's ambition to play a critical role in India’s renewable energy transition. By diversifying its projects across solar and hybrid solutions, the company is aligning with the government’s goal of achieving 500 GW of renewable energy capacity by 2030.

Leveraging Established Partnerships:
Collaborations with PFC, REC Limited, and SJVN not only provide financial strength but also enhance ACME’s ability to execute large-scale projects efficiently.

Bottomline: ACME Solar’s Promising Trajectory

With significant financial backing and a strong pipeline of projects, ACME Solar Holdings Limited is well-positioned to drive growth in India's renewable energy sector. Its recent accomplishments underscore a strategic approach to scaling operations, leveraging existing assets, and fostering partnerships with leading financial institutions. As the demand for clean energy surges, ACME Solar’s proactive execution and innovative strategies will likely cement its standing as a leader in the industry.