ACME Solar Holdings Limited has achieved another significant milestone in the renewable energy sector by securing a ₹1,988 crore term loan financing from Power Finance Corporation (PFC). This financing will fund the development and construction of a 300 MW Solar-Wind Hybrid Renewable Energy Project, further enhancing the company's renewable energy portfolio.

The project will be developed in two states, with the solar capacity being built in Bikaner, Rajasthan, and the wind sites located in Bhuj, Gujarat. The Power Purchase Agreement (PPA) for the project has already been signed with NTPC, and the necessary grid connectivity for the project is in place. The land required for the solar capacity has been fully procured, ensuring that the project can proceed without significant delays.

One of the key aspects of this financing is the optimal debt-to-equity ratio of 80:20, structured by PFC as the sole lender. This financing structure reflects ACME Solar’s strategic planning and its commitment to bringing large-scale renewable energy projects to life in India. The project will be an important addition to the country’s growing capacity for clean energy, contributing significantly to the renewable energy targets set by the Indian government.

In addition to this major development, ACME Solar has also secured a 300 MW Solar Power Project under the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per unit. This solar power project is expected to commence operations by June 30, 2025, as per the terms of the PPA. To achieve this, ACME Solar plans to leverage its existing under-construction ACME Sikar project, aligning with its strategic objectives. The project will benefit from the Inter-State Transmission System (ISTS) waiver, as the Scheduled Commercial Operation Date (SCOD) is set before June 2025, which is in line with the government’s incentives for early operationalization of renewable energy projects.

Strategic Impact and Industry Outlook

The receipt of ₹1,988 crore financing and the successful bid for the 300 MW SECI Solar Project further solidifies ACME Solar’s position as a leader in India’s renewable energy sector. With these major developments, ACME Solar is poised to meet its renewable energy targets and contribute significantly to India’s clean energy transition. The solar-wind hybrid project is expected to be a significant contributor to the country’s energy mix, providing reliable and sustainable energy.

These advancements in solar energy projects also reflect the increasing demand for renewable energy in India, as the government continues to encourage the development of clean energy sources to meet its carbon reduction commitments.

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