Shares of ACME Solar Holdings Ltd surged over 4% to ₹314.80 on Wednesday after the company announced a major financing breakthrough for its renewable energy expansion plans.
Its subsidiary, ACME Venus Urja Private Limited, has secured ₹3,892 crore in long-term financing from the State Bank of India (SBI). The funds will be used to develop and construct a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project in Barmer, Rajasthan.
This is the largest financing ACME has received from SBI so far and also marks the bank’s first commitment to ACME’s FDRE projects. The loan has a tenure of 19 years, reflecting its long-term strategic significance.
The project, contracted with NHPC at a tariff of ₹4.64 per unit, will integrate solar power with a Battery Energy Storage System (BESS) to ensure round-the-clock reliability and better dispatchability, aligning with PPA requirements.
ACME Solar is one of India’s leading integrated renewable energy companies, with an operational capacity of 2,890 MW across solar, wind, hybrid, and storage projects. The company has in-house EPC and O&M capabilities, allowing it to execute projects with cost efficiency and high utilization factors.
At the time of reporting, ACME Solar’s market capitalization stood at ₹1.89 lakh crore, with the stock trading near its 52-week high of ₹316.45.
