ACME Gets INR 1,072 Cr Funding Boost for 250 MW Solar Project

ACME Solar Holdings has secured a refinancing facility of INR 1,072 crore for its 250 MW operational solar project in Aklera, Rajasthan, through its wholly owned subsidiary, ACME Aklera Power Technology Pvt Ltd. The debt facility, arranged by a consortium led by Bank of America and Standard Chartered Bank, is intended to refinance existing borrowings and lower the interest cost to 8.5 percent, down by 95 basis points.

The project which was operational for around 18 months has recorded a Capacity Utilisation Factor (CUF) of 29.3 percent in FY25. The new financing comes with a tenure of 18 years, aligning with ACME’s broader strategy to reduce borrowing costs and improve the overall credit profile of its portfolio.

Part of Broader Refinancing Strategy

The Aklera deal is part of a larger refinancing effort by the ACME Group. Over the last six months, the company has refinanced around INR 4,575 crore of project debt. While Bank of America has previously partnered with ACME, this marks Standard Chartered’s first project finance engagement with the group.

The company noted that the inclusion of leading global lenders reflects growing international confidence in India’s renewable energy sector, as well as in ACME’s project execution and operational record.

Rajat Kumar Singh, Group CFO of ACME Solar Holdings, said the refinancing supports the company’s goals of cost-efficient capital structuring and credit rating improvements. “Reducing the cost of debt strengthens our financial position as we scale up capacity in the coming years,” he added.

ACME Solar currently has an operational renewable energy portfolio of about 2,820 MW, with an additional 4,140 MW under development. The company operates across solar, wind, and hybrid segments, and manages its projects in-house through its own EPC and O&M divisions. 

Last month, ACME Solar recently reported a strong performance for Q4 and FY25 with 1,200 MW solar projects commissioned during the year. 

Commenting on the annual performance, Manoj Kumar Upadhyay, Chairperson & MD, ACME Solar Holdings Ltd, said, “FY25 has been a remarkable year for us. We significantly expanded our operational portfolio and successfully commissioned our largest single-location project – 1,200 MW SECI ISTS solar project. 

“In Q4 FY25, our revenue rose by 70 percent year-on-year to INR 539 crore, while EBITDA surged 118 percent to INR 488 crore.” 

Notably, the firm is aiming to reach a contracted capacity portfolio of 10 GW by 2030.