Acme Solar Holdings secures Rs 1,988 cr loan from PFC to develop 300 MW hybrid project

NEW DELHI: ACME Renewtech, a subsidiary of Acme Solar Holdings, has secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW solar-wind hybrid renewable energy project.

The solar project will be located in Bikaner, Rajasthan and wind sites in Bhuj, Gujarat, the company said. Power purchase agreement for the capacity has already been signed with NTPC, and grid connectivity for the project is in place.



The land for the solar project has also been fully acquired. PFC, acting as the sole lender, has structured the financing with a debt-to-equity ratio of 80:20.


Acme Solar has also secured a 300 MW solar power project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit, the company said. The project is expected to start operations by next year as per the power purchase agreements.