ACME Solar Secures ₹3,753 Crore Term Loan for Renewable Energy Projects

ACME Solar Holdings Limited announced that its wholly owned subsidiary, ACME Sun Power Private Limited, has secured a ₹3,753 crore term loan from REC Limited. This funding will support the development and construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) project in collaboration with SJVN.

Partnership and Key Developments

The project is strategically planned in resource-rich areas, with the solar capacity to be developed in Jaisalmer, Rajasthan, and the wind sites in Bhuj and Jam Khambhaliya, Gujarat. A Power Purchase Agreement (PPA) has been finalised with SJVN, grid connectivity has been secured, and the land acquisition process is in advanced stages.

REC Limited will act as the sole lender for the project, underscoring its confidence in ACME Solar’s project execution capabilities. Notably, this comes shortly after another FDRE project by ACME Surya Power Private Limited, a 250 MW FDRE initiative, also received project financing from REC Limited.

Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, 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.”

These initiatives are poised to significantly boost India’s renewable energy capacity, supporting the government’s ambitious goals for sustainable and clean energy solutions. The projects will play a crucial role in reducing carbon emissions and bolstering the nation’s renewable energy footprint.

On November 18, 2024, ACME Solar share price opened at ₹236.00, up from its previous close of ₹228.85. At 9:41 AM, the share price of ACME Solar was trading at ₹233.80, up by 2.16%.

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