ACME Solar secures Rs 19.88 billion financing from PFC

ACME Solar has secured Rs 19.88 billion in term finance from Power Finance Corporation Ltd (PFC) for the development of a 300-MW wind-solar hybrid renewable energy project. ACME Renewtech Pvt Ltd, a subsidiary of ACME Solar Holdings Ltd, will utilize Rs 1.99 billion in financing for the project’s construction.

The solar capacity will be developed in Bikaner, Rajasthan, while wind sites will be in Bhuj, Gujarat. 

The project already has a signed power purchase agreement (PPA) with NTPC, and grid connectivity is in place. The land for the solar capacity has been fully procured. PFC, acting as the sole lender, has structured the financing with a debt-to-equity ratio of 80:20.

Additionally, ACME Solar has secured a 300-MW solar project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit. The project is scheduled to begin operations before June 30, 2025. ACME Solar plans to allocate its under-construction Acme Sikar project to fulfil the new bid’s requirements, leveraging existing grid connectivity and incurred capital expenditure.