ACME Solar secures SBI funding for 400 MW FDRE project

ACME Venus Urja Private Limited, a subsidiary of ACME Solar Holdings Limited, has arranged long-term financing of Rs 3,892 crore from State Bank of India for a 400 MW firm and dispatchable renewable energy project in Barmer, Rajasthan. The loan will be repaid over 19 years.

The project marks ACME’s largest financing support from SBI and also represents the bank’s first funding for ACME’s FDRE portfolio. The plant is contracted to supply power to NHPC at a tariff of Rs 4.64 per unit. It will integrate solar generation with a battery energy storage system to meet contractual dispatch obligations.

Separately, ACME Solar Holdings has signed a share purchase agreement to acquire AK Renewable Infra. The deal, valued at Rs 792.5 million on an enterprise basis, will make AK Renewable Infra a subsidiary once closing conditions are fulfilled.

ACME Solar’s portfolio comprises solar, wind, storage, FDRE, and hybrid projects, with a total operational capacity of 2,890 MW.