ACME Solar secures Rs 1,072 crore Refinancing Project in Rajasthan
ACME Solar Holdings has obtained a domestic project finance facility amounting to Rs 1,072 crore for its subsidiary ACME Aklera Power Technology, aimed at refinancing existing debt tied to its 250 MW operational project in Rajasthan.
The project has an operational history of 18 months and recorded an annual Capacity Utilisation Factor (CUF) of 29.3 percent in FY25.
ACME Solar Holdings has acquired a Rs 1,072 crore domestic project finance facility for its wholly-owned subsidiary ACME Aklera Power Technology Pvt Ltd to refinance current debts and decrease the financing cost by 95 basis points to 8.5 percent per annum for its 250 MW operational project based in Rajasthan.
This refinancing, set for a tenure of 18 years, has been arranged through a consortium led by banks such as Bank of America and Standard Chartered Bank.
This refinancing contributes to the Rs 4,575 crore of refinancing completed in the last six months, aligning with the group’s strategy to refinance projects post-operations, reduce its debt costs, and enhance its credit standing.
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Rajat Kumar Singh, Group CFO of ACME Solar Holdings said, "The refinancing aligns with our strategy to create an efficient capital structure by reducing the cost of debt while diversifying our sources of fund and lending partners."
ACME Solar ranks among India's top independent power producers (IPP) in renewable energy, overseeing a 6.97 GW portfolio that includes solar, wind, hybrid, and FDRE projects. We design, construct, own, and manage large-scale clean energy solutions.
Established in 2003 by Mr. Manoj Kumar Upadhyay, the Chairman of ACME Group, the company initially distinguished itself as an energy management service provider for the telecommunications industry. ACME Solar ventured into the renewable energy domain in 2009, with its first solar plant operational by 2012.
As part of its growth, ACME is in the process of constructing a 1.2 GW solar PV manufacturing facility in Jaipur and is spearheading initiatives in Green Hydrogen and Green Ammonia.
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Dedicated to fostering a cleaner future, ACME Solar persistently drives innovation and sustainability within the renewable energy landscape.