Acme Solar announced today that its arm Acme Renewtech has secured INR 1,988 crore in term loan financing from Power Finance Corp. (PFC) to fund 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.
“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,” stated Acme Solar.
In addition, Acme Solar has secured a 300 MW solar power project in a SECI auction launched under XVIII tranche. It won this capacity at a tariff of INR 3.05 per kWh. The project is scheduled 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,” stated Acme Solar. “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 operationalization of renewable energy projects.”
