ACME Solar raises Rs 1,571 cr project funding from IIFCL

New Delhi: ACME Solar Holdings on Thursday said it has raised Rs 1,571 crore project funding from India Infrastructure Finance Company Ltd (IIFCL) for setting up ACME Renewtech Sixth 300 MW assured peak power project in Rajasthan.

This project financing, secured at a competitive rate of interest, marks IIFCL's first sole greenfield finance to ACME, with IIFCL acting as the sole lender for the project with a repayment tenor of 19 years, a company statement said.

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The current funding milestone takes the overall financing secured by ACME Solar during this fiscal to Rs 10,976 crore.

The power purchase agreement (PPA) for this project has been executed with SECI Ltd for a period of 25 years at a tariff of Rs 6.28/unit.

Meanwhile, the ACME Greentech Seventh assured peak power project combines multiple renewable energy technologies, including solar and battery energy storage system (BESS), to meet the supply obligations under its PPA, ensuring higher predictability and dispatchability.

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The project entails a total capex of Rs 2,123 crore and forms part of ACME Solar's broader battery-storage capital deployment programme for the current financial year.

The project is progressing on a strong execution footing, with grid connectivity already operational, a pooling substation, and a dedicated transmission line in advanced stages of completion, and land for the site substantially secured, positioning it for timely construction.

The plant will integrate 1,350 MWh BESS alongside solar generation, enabling assured peak power supply under its PPA.