ACME Sun Power Private Limited, a wholly-owned subsidiary of ACME Solar Holdings Limited, has secured a Rs 3,753 crore term loan from REC Limited to finance the development and construction of 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN. These projects are set to play a key role in bolstering India’s renewable energy transition.
Project details: solar and wind energy in resource-rich areas
The FDRE projects will utilize high-potential solar and wind resources:
- Solar Capacity: Located in Jaisalmer, Rajasthan.
- Wind Sites: Situated in Bhuj and Jam Khambhaliya, Gujarat.
ACME Solar has signed a Power Purchase Agreement (PPA) with SJVN and secured grid connectivity for the projects. Land acquisition is in its advanced stages, indicating that the project is on track for timely execution.
REC Limited backs the initiative
REC Limited will serve as the sole lender for the project, showcasing its confidence in ACME Solar’s ability to deliver world-class renewable energy projects. This follows REC’s previous financial support to ACME Surya Power Private Limited for a 250 MW FDRE project.
Leadership insights
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.”
Supporting India’s renewable energy goals
The projects aim to enhance India’s renewable energy footprint, aligning with the government’s ambitious green energy goals. By leveraging renewable resources in Rajasthan and Gujarat, these initiatives underscore the commitment to providing sustainable and clean energy solutions across the country.
