ACME Solar secures Rs 1,571 crore IIFCL funding for 300 MW project
ACME Solar Holdings Ltd (ACME Solar) has secured Rs 1,571 crore of long-term project financing from India Infrastructure Finance Company Ltd (IIFCL) for the construction and development of its ACME Renewtech Sixth 300 MW assured peak power project in Rajasthan.
The financing has been secured at a competitive rate of interest, with IIFCL acting as the sole lender. The facility has a repayment tenor of 19 years and marks IIFCL’s first sole greenfield financing for ACME Solar.
The latest financing takes ACME Solar’s total funding secured during the current fiscal to Rs 10,976 crore.
Project structure
The project has a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI Limited) at a tariff of Rs 6.28/unit. It will combine solar generation with Battery Energy Storage System (BESS) capacity to meet the PPA’s assured peak power supply obligations.
The project entails a total capital expenditure of Rs 2,123 crore and forms part of ACME Solar’s broader battery-storage capital deployment programme for the current financial year. The plant will integrate 1,350 MWh of BESS alongside solar generation, enabling assured peak power supply under the PPA.
The project is progressing with grid connectivity already operational, while the Pooling Substation and dedicated transmission line are at advanced stages of completion. Land for the site has also been substantially secured, positioning the project for timely construction.
Rajasthan portfolio
The project is being developed entirely within Rajasthan, as are ACME Solar’s other assured peak power projects. The company said this reinforces Rajasthan’s growing role as a hub for its hybrid renewable capacity.
The project is referred to as ACME Greentech Seventh assured peak power project in the project description, where it is described as combining solar and BESS technologies to meet the supply obligations under the PPA and provide greater predictability and dispatchability.
