ACME Solar secures Rs 2,647 crore REC funding for peak power project

Mumbai: ACME Solar Holdings has secured long-term project financing of ₹2,646.6 crore from state-run REC to develop a 450 MW/1,800 MWh assured peak power project, the company said on Thursday.

The funding will be used to develop and construct the project, which combines solar generation with battery energy storage to deliver firm, dispatchable power. REC is the sole lender to the project, known as the ACME Greentech Seventh Assured Peak Power Project, with a loan tenure of 20 years.

"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.


The electricity generated will be supplied to state-owned SJVN under a 25-year power purchase agreement at a tariff of ₹6.74 per unit, providing long-term revenue visibility.

ACME Solar Holdings is an integrated renewable energy company with a portfolio of 8,070 MW across solar, wind, storage, firm and dispatchable renewable energy, and hybrid projects.