ACME Sun Power Secures Rs.3,753 Crore Loan From REC For FDRE Projects

ACME Solar Holdings' subsidiary, ACME Sun Power Private Limited, has secured a Rs. 3,753 crore term loan from REC Limited. This financing is extended to support the development and construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) project in collaboration with SJVN.

The Gurugram-based company's recent project are planned to be located in high-resource potential areas such as, Jaisalmer, Rajasthan, for solar capacity, and Bhuj and Jam Khambhaliya, Gujarat, for wind sites. To develop this project, the company has signed a Power Purchase Agreement (PPA) with SJVN and sought grid connectivity. Land acquisition for the project is in advanced stages. Recently, ACME Surya Power Private Limited also secured project financing for another 250 MW FDRE project from REC Limited.

Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed gratitude for REC Limited’s support, stating:
“We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition.”

ACME Solar Holdings, in the recent past has expanded its portfolio in the FDRE segment for instance, earlier this year, the company sought a 400 MW project at Rs. 4.70/kWh, among other winners such as, Avaada which secured 60 MW out of its quoted capacity of 250 MW at Rs. 4.70/kWh under the bucket-filling method, whereas, NTPC allocated a 300 MW project to Hexa Climate at a tariff of Rs. 4.69/kWh.

Acme Solar Holdings has also previously received 300 MW project through successful bidding at an average tariff of Rs. 2.52/kWh, along with, SAEL Industries, Essar Renewables, Onward Solar Power, and NTPC Renewable Energy (NTPC REL). Onward Solar secured 100 MW, while NTPC REL won 200 MW out of the 400 MW it bid for, at a tariff of Rs. 2.53/kWh, using the bucket-filling method.

Earlier this month, Acme Solar also successfully completed its IPO, and listed on the main board of the NSE and BSE, giving yet another green energy developer option to investors.