ACME Renewtech Private Limited, a subsidiary of ACME Solar Holdings Limited, has secured INR 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development of a 300 MW Solar-Wind Hybrid Renewable Energy Project. This project, located in high-resource potential areas, will feature solar capacity in Bikaner, Rajasthan, and wind capacity in Bhuj, Gujarat.
The Power Purchase Agreement (PPA) for the project has already been signed with NTPC, ensuring a reliable offtake of power. The grid connectivity is in place, and the land for the solar capacity has been fully procured, marking significant progress in the project’s development. PFC has structured the financing with an optimal debt-to-equity ratio of 80:20.
In addition to this achievement, ACME Solar has secured a 300 MW Solar Power Project under the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per unit. The project must commence operations before June 30, 2025, as per the PPA. ACME Solar plans to leverage its ongoing ACME Sikar project to fulfill the new bid, utilizing the existing grid connectivity in Bikaner-2 and capital already invested. The project also benefits from the Inter-State Transmission System (ISTS) waiver due to its early operational timeline.
