ACME Solar Secures INR 1988 Crore Financing from PFC for 300 MW Solar-Wind Hybrid Project
ACME Renewtech Pvt. Ltd., a subsidiary of ACME Solar, secures INR 1,988 crore term loan from Power Finance Corporation (PFC) for its 300 MW solar-wind hybrid renewable energy project. The company has also won 300 MW in SECI’s 1,000 MW ISTS-connected solar auction.
December 26, 2024. By Mrinmoy Dey
The project will be located in high-resource potential areas, with solar capacity to be developed in Bikaner, Rajasthan, and wind sites in Bhuj, Gujarat, the company informed in a statement.
It further added that a power purchase agreement (PPA) has already been signed with NTPC, and grid connectivity for the project is in place. The land for the solar capacity has been fully procured.
PFC, acting as the sole lender, has structured the financing with an optimal debt-to-equity ratio of 80:20.
In another development, the company has won a 300 MW solar power project under the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per/kWh. The project is required to commence operations on or before June 30, 2025 as per the PPA terms.
To fulfil this, ACME Solar plans to allocate its existing under-construction ACME Sikar project to the new bid, leveraging its existing grid connectivity in Bikaner-2 and the significant capital expenditure already incurred.
The project will benefit from the Inter-State Transmission System (ISTS) waiver, as the scheduled commercial operation date (SCOD) is set before June 2025, aligning with the government’s incentives for the early operationalisation of renewable energy projects.
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