ACME Sun Power Private Limited, a wholly-owned subsidiary of ACME Solar Holdings Limited, has received a ₹3,753 crore term loan from REC Limited to fund the development of 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN. These projects are poised to bolster India’s renewable energy transition.
The shares were trading over 8% today, as of 10:26 am the shares were trading 8.08% higher at₹247.35 on NSE.
Project Highlights
- Energy Sources and Locations:
- Solar Capacity: Set to utilize the abundant solar potential in Jaisalmer, Rajasthan.
- Wind Sites: Situated in Bhuj and Jam Khambhaliya, Gujarat, known for high wind energy resources.
- Progress and Agreements:
- Power Purchase Agreement (PPA): Signed with SJVN.
- Grid Connectivity: Secured, ensuring smooth integration into the power network.
- Land Acquisition: In advanced stages, indicating timely execution.
REC’s Role
REC Limited will act as the sole lender, reflecting its confidence in ACME Solar’s capabilities. This marks another milestone in their partnership, following REC’s financing of a 250 MW FDRE project for ACME Surya Power Private Limited.
Leadership Statement
Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar, shared his thoughts:
“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.”
Impact on Renewable Energy Goals
These projects align with India’s ambitious green energy targets, leveraging renewable resources in Rajasthan and Gujarat to provide sustainable and clean energy solutions.
Shares of ACME Solar reflected investor optimism, trading 1.85% higher at ₹233.10 on the NSE as of 9:58 AM.
Disclaimer: The information provided is for informational purposes only and should not be considered financial advice. Always consult a financial advisor before making investment decisions.
