National Stock Exchange-listed ACME Solar Holdings Ltd announced on Thursday that it had secured Rs 1,988 crore in financing from the Power Finance Corporation (PFC). This term loan would be used to fund the development and construction of a 300 MW solar-wind renewable energy project.
According to the company, the hybrid renewable energy project will be in two places: solar to be developed in Bikaner in Rajasthan and wind at sites in Bhuj, Gujarat.
ACME Renewtech, the unit of ACME Solar, was the entity that secured the loan that carried a debt-to-equity ratio of 80-to-20.
ACME Solar said that they already signed the Power Purchase Agreement (PPA) with NTPC regarding the project. “Grid connectivity for the project is in place. The land for the solar capacity has been fully procured,” announced the company.
Meanwhile, ACME Solar also announced it won the bid to secure a 300MW solar power project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit. This project is scheduled to commence operations on or before June 30, 2025, according to the agreement.
ACME Solar looks to use its upcoming Sikar project to fulfil the bid by extending its connectivity to Bikaner-2, the company said.
Last week, ACME Solar announced it commissioned four solar projects in a single day, adding 1,025MW capacity to the ISTS grid in Jaisalmer, Rajasthan. During the time, ACME Solar CEO Nikhil Dhingra said, “This takes our total commissioned portfolio to 2,363 MW and central government counterparty portfolio to 65 per cent of the total portfolio. Out of this, we have 1773 MW capacity located in [the] high irradiance zone of Rajasthan.”
Earlier this month, ACME Solar also secured a 250 MW Firm and Dispatchable Renewable Energy (FDRE) project at an NHPC auction on December 10 at a tariff of Rs 4.56 per unit. This lifted ACME Solar’s total capacity to 6,970MW.
ACME Solar stock on Thursday hit as high as Rs 246.90 apiece after the financing announcement but it quickly corrected to trading just below the previous close of Rs 236.40.