ACME Sun Power secures Rs 37.53 billion loan from REC
Author: PPD Team Date: 18/11/2024
ACME Sun Power, a subsidiary of ACME Solar Holdings, has secured a Rs 37.53 billion term loan from REC Limited to develop a 320 MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN.
The project aims to provide round-the-clock power, assisting distribution companies in meeting renewable purchase and energy storage obligations. Solar capacity will be developed in Jaisalmer, Rajasthan, while wind sites are planned in Bhuj and Jam Khambhaliya, Gujarat. A power purchase agreement has been signed with SJVN, and grid connectivity is secured. Land acquisition is in the advanced stages.
Chairman Manoj Kumar Upadhyay stated, “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.”
ACME Solar is among India’s largest renewable energy producers and a leading player in the sector.