ACME Solar has secured term finance of nearly Rs.2,000 crore from PFC for a wind-solar hybrid project.
According to a company release, ACME Renewtech Pvt Ltd, a subsidiary of ACME Solar Holdings Ltd, has successfully secured Rs.1,988 crore in term loan financing from Power Finance Corporation Ltd (PFC) to finance the development and construction of a 300-MW solar-wind hybrid renewable energy project.
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 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.
New SECI auction win
In an independent development, ACME Solar has secured a 300-MW solar power project under the SECI-ISTS XVIII scheme, at a tariff of Rs.3.05 per unit. 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 interstate 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 operationalization of renewable energy projects, the ACME Solar release said.
Featured photograph (source: acmesolar.in) is for representation only
