Acme Renewtech Pvt. Ltd., a subsidiary of ACME Solar Holdings Ltd., announced on Monday that it has secured a loan of ₹1,988 crore ($233 million) from Power Finance Corp.
According to a statement, the term loan will fund the development and construction of a 300-megawatt solar-wind hybrid renewable energy project in Bikaner.
The statement added that the hybrid project will include solar installations in Bikaner, Rajasthan and wind turbines in Bhuj, Gujarat.
“Power purchase agreement has already been signed with NTPC, and grid connectivity for the project is in place. The land for the solar capacity has been fully procured,” the press release said.
PFC, the sole lender of the project, has structured the financing with a debt-to-equity ratio of 80:20.
Acme Solar further announced that it has also bagged a 300 MW solar power project under the Solar Energy Corp. of India’s Inter-State Transmission System XVIII scheme at a tariff of ₹3.05 per unit.
The project must commence operations on or before June 30, 2025, as per the PPA terms.
To meet the deadline, ACME plans to leverage its under-construction Sikar project in Rajasthan, reallocating resources and utilizing existing grid connectivity at Bikaner-2.
The SECI project will benefit from the government’s ISTS waiver, an incentive designed to encourage the rapid completion of renewable energy projects.
On Dec.20, Acme Solar announced that it had commissioned four projects of 1,023 MW solar capacity in Rajasthan.
Sharing the details, the company said it commissioned 238 MW in Dhaulpur, 253 MW in Deoghar and 260.05 MW in Phalodi.
As India races to meet its ambitious renewable energy goals, Acme Solar’s recent milestones position it as a formidable player in the sector, paving the way for a greener and more sustainable future.
Also Read:
MNRE Approves 50 Solar Parks with 37.5 GW Capacity, Expands Wind Energy Plans
