ACME Solar secures Rs 2,646 crore project financing from REC Ltd

ACME Solar Holdings Ltd has secured long-term project financing of Rs 2,646.64 crore from state-run lender REC Limited to build a 450MW/1800MWh assured peak power project, the company said on Thursday.

ACME said the funds would go toward developing and constructing the facility, which pairs solar generation with battery energy storage to deliver firm, dispatchable power. REC Ltd is the sole lender to the project known as the ACME Greentech Seventh Assured Peak Power Project, over a 20-year term.

The electricity generated will be sold to state-owned SJVN Limited under a 25-year power purchase agreement signed at a tariff of Rs 6.74 per unit, giving the project a long-revenue runway typical of India's renewable energy contracts.


"By combining solar power with battery storage, the project is designed to meet supply obligations with greater predictability than standalone solar plants can offer — a growing priority for grid operators as India adds more intermittent renewable capacity," said ACME Solar.

ACME Solar Holdings Limited is an integrated renewable energy company with a portfolio of 8,070 MW spanning solar, wind, storage, firm dispatchable renewable energy (FDRE) and hybrid projects. The company has 2,990 MW of operating contracted capacity and about 3.3 GWh of battery storage capacity in operation, alongside 5,080 MW under construction, including roughly 18 GWh of battery installations.