Acme Renewtech Private Limited, a subsidiary of Acme Solar Holdings Limited, has secured a term loan of Rs 19.88 billion from the Power Finance Corporation (PFC) to finance a 300 MW solar-wind hybrid renewable energy project. The project includes solar capacity in Bikaner, Rajasthan, and wind capacity in Bhuj, Gujarat.
A Power Purchase Agreement (PPA) has been signed with NTPC, and grid connectivity for the project has been established. The land for the solar capacity has been fully procured. PFC, acting as the sole lender, structured the financing with a debt-to-equity ratio of 80:20.
Earlier this month, ACME Solar won 300 MW in the Solar Energy Corporation of India’s (SECI) Tranche XVIII auction for 1,000 MW of interstate transmission system (ISTS)-connected solar power projects, at a tariff of Rs 3.05 per kWh.
In November 2024, ACME Sun Power, a subsidiary of ACME Solar, secured a term loan worth Rs 37.53 billion from REC Limited, planning to utilise the loan for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project.
