ACME Solar shares zoom 10% to hit upper circuit. Here’s what happened

Shares of the recently listed ACME Solar Holdings today zoomed 10% to hit their upper circuit at Rs 251.90 on the BSE after the company’s subsidiary ACME Sun Power secured a Rs 3,753 loan from REC Ltd for FDRE Projects in Rajasthan and Gujarat.

“ACME Sun Power Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited, has secured Rs 3,753 crore term loan financing from REC Limited for the development & construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN,” said the company in an exchange filing.

The said project would be located at high resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites.


The company also informed that a Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured. The land acquisition for the purpose is in the advanced stages.

“REC Limited will serve as the sole lender for this project, highlighting its confidence in ACME Solar’s project execution capabilities. Recently, another FDRE project, ACME Surya Power Private Limited, has secured project financing for a 250 MW FDRE project from REC Limited,” the company said.

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“We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition,” said Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings while commenting on the update.

These projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals.

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