ACME Solar Holdings Ltd, through its subsidiaries, has secured a debt tie-up of ₹4,725 crore from leading Indian financial institutions to support the construction of renewable energy projects and optimize its capital structure. The funding also aims to reduce overall financing costs, in line with the company’s long-term financial strategy. The loans carry a long tenor ranging between 18 and 20 years, providing stability for the projects under development.
A significant portion of the funding has been raised through new greenfield project financings. Power Finance Corporation Ltd (PFC) has sanctioned ₹2,716 crore for the 300 MW ACME Sigma FDRE project, which combines renewable energy generation with four hours of battery storage. In addition, the National Bank for Financing Infrastructure Development (NaBFID) has extended ₹800 crore for the 150 MW ACME Platinum Solar plus Energy Storage System (ESS) project, which includes two hours of battery storage with 50 percent availability. This marks ACME Solar’s first greenfield project financing from NaBFID. Both projects have grid connectivity in place and are currently at advanced stages of construction.
Alongside fresh funding, ACME Solar has also strengthened its balance sheet through refinancing. The company has secured ₹1,209 crore from Yes Bank to refinance the operational 300 MW ACME Sikar Solar project. This refinancing is expected to reduce the cost of debt by around 170 basis points initially, with the reduction eventually reaching approximately 195 basis points. Notably, this transaction represents Yes Bank’s first long-term refinancing exposure to ACME Solar.
With this latest round of funding, ACME Solar has secured approximately ₹10,590 crore of greenfield financing in the current financial year. This has resulted in debt tie-ups covering more than 90 percent of the power purchase agreements signed for projects currently under construction. Additionally, the company has refinanced around ₹3,380 crore of existing debt, achieving an average interest rate reduction of about 135 basis points. Further savings have been realized through an additional rate reduction of nearly 60 basis points on around ₹4,035 crore of debt across other projects, including two operational assets that have shifted to a fixed-rate regime with existing lenders.
