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ACME Secures INR 3753 Crore Loan from REC for 320 MW FDRE Projects in Gujarat and Rajasthan

ACME Sun Power Pvt. Ltd., a subsidiary of ACME Solar Holdings, has secured INR 3,753 crore financing from REC Ltd. for 320 MW Firm and Dispatchable Renewable Energy projects in Rajasthan and Gujarat, advancing India's green energy transition.

November 18, 2024. By Mrinmoy Dey

ACME Sun Power Pvt. Ltd., a wholly owned subsidiary of ACME Solar Holdings Ltd., has secured INR 3,753 crore term loan financing from REC Ltd. for the development and construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN.

The project would be located at high resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites. Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages.

REC will serve as the sole lender for this project. Recently, for another FDRE project, ACME Surya Power Pvt. Ltd., has secured project financing for a 250 MW FDRE project from REC.

Commenting on the development, Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Ltd. stated, “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.”

He further asserted that these projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals.

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Firm and Dispatchable Renewable Energy

Manoj Kumar Upadhyay

Project financing