On April 28, 2025, CRISIL Ratings announced it had assigned an 'AA-/Stable' rating to the long-term bank facilities for the ACME Solar 300 MW ISTS solar power project in Jaisalmer, Rajasthan. This rating was specifically applied to the INR 990 crore term loan facility offered by the Indian Renewable Energy Development Agency Limited (IREDA). CRISIL’s positive assessment of the project is rooted in its robust financial metrics, solid revenue visibility, and strong debt servicing capability.

The 300 MW project operates under a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), ensuring a fixed tariff for the duration of the agreement. This long-term contract provides significant revenue predictability, which plays a crucial role in securing the project’s financial viability. Moreover, SECI’s proven track record of making timely payments further supports the project's creditworthiness.

CRISIL emphasized the efficient capital cost of the project and its above-predicted energy generation, which further reinforces the strong financial outlook for the ACME Solar project. The project is also highlighted for delivering an efficient capital cost, ensuring that the project's operational costs remain under control while exceeding expectations in energy generation.

The Stable outlook assigned by CRISIL reflects the expectation of continued timely payments from SECI and consistent operational performance from the newly commissioned project. CRISIL’s decision to assign such a high rating is a testament to the company’s strong operational profile, which is supported by a long-term PPA and solid financial fundamentals.

ACME Solar Holdings Limited, a subsidiary of the ACME Group, is a leading player in the renewable energy sector in India. The company specializes in solar, wind, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects. As one of India’s top 10 renewable energy Independent Power Producers (IPP), ACME Solar operates a total capacity of 2,540 MWAC (3,578 MWDC), with an additional 4,430 MW under construction. The company's broad portfolio positions it as a significant contributor to India's renewable energy goals.

This strategic CRISIL rating underscores the company's commitment to leveraging its operational strengths and financial strategies to enhance its position in the renewable energy landscape. ACME Solar’s investment in large-scale projects like the Jaisalmer 300 MW project plays a pivotal role in driving India’s energy transition toward sustainable and green sources.

With solar power being a vital part of India’s renewable energy future, ACME Solar continues to focus on innovation, financial sustainability, and long-term growth through its extensive portfolio of renewable energy projects. The company's mission is to contribute to India’s clean energy transformation while ensuring robust returns for its stakeholders and investors.

Through its strong financial outlook and operational efficiencies, ACME Solar stands as a prime example of how innovative financing and strategic partnerships can drive the growth of renewable energy projects in India. As the company continues to expand its renewable energy footprint, the long-term stability and growth of its projects like the Jaisalmer solar power initiative will help shape the future of energy in India.

This rating is a crucial step forward for ACME Solar as it not only reinforces the company’s creditworthiness but also highlights the importance of financial stability in driving large-scale, sustainable solar energy projects. The company's leadership in the renewable sector, combined with the strong support of its financial partners like IREDA, will ensure its continued growth and contribution to India's energy sector.

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