CRISIL Ratings has assigned a ‘CRISIL AA-/Stable’ rating to the long-term bank facilities of ACME Dhaulpur Powertech Private Limited (ADPPL), a wholly-owned subsidiary of ACME Solar Holdings Limited. The rating pertains to a 300 MW ISTS solar power project located in Jaisalmer, Rajasthan, against a term loan facility of INR 990 crores from Indian Renewable Energy Development Agency Limited (IREDA).
The assigned rating is supported by several factors, including robust revenue visibility, strong financial metrics, effective debt servicing capability, and a secure cash flow mechanism. According to CRISIL, ADPPL’s operational profile is strengthened by a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff arrangement for the duration of the PPA ensures predictable long-term cash flows.
SECI’s consistent track record of timely payments further supports the credit profile of ADPPL. CRISIL also noted that the project was completed at an efficient capital cost and is currently generating power above the predicted levels, enhancing the project’s financial and operational outlook.
The “Stable” outlook assigned by CRISIL reflects expectations of sustained timely payments from SECI and stable operational performance of the recently commissioned project.
