6 days ago
ACME Solar Secures Rs 1,571 Crore for Rajasthan Project
ACME Solar is building a large power project in Rajasthan.
It received Rs 1,571 crore from IIFCL to help build it.
The project is designed to provide 300 megawatts of dependable peak power.
IIFCL is the only lender for this project.
ACME will repay the loan over 19 years.
Solar Energy Corporation of India has agreed to buy the project’s electricity for 25 years.
The electricity price will be Rs 6.28 per unit.
The company says the project will use solar power and batteries to make electricity supply more predictable.
One article calls it the Sixth project, while another company filing reference calls it the Seventh project.
ACME Solar Holdings secured Rs 1,571 crore in project funding from India Infrastructure Finance Company Ltd.
The financing will support a 300-megawatt assured peak power project in Rajasthan.
IIFCL is the project’s sole lender, with a 19-year repayment tenor.
Solar Energy Corporation of India signed a 25-year power purchase agreement at Rs 6.28 per unit.
ACME Solar’s total financing secured during the current fiscal year reached Rs 10,976 crore.
- Who
- ACME Solar Holdings received funding from India Infrastructure Finance Company Ltd for a project linked to Solar Energy Corporation of India.
- What
- The company secured Rs 1,571 crore in project financing for a 300-megawatt assured peak power project.
- Where
- Rajasthan, India.
- When
- The funding was announced on Thursday during the current fiscal year.
- Why
- The financing will support construction and development of the renewable-energy project, which will use solar power and battery storage to meet its power-supply obligations.
Key facts
- Funding
- Rs 1,571 crore
- Lender
- India Infrastructure Finance Company Ltd is the sole lender
- Repayment tenor
- 19 years
- Project capacity
- 300 megawatts of assured peak power
- Capital expenditure
- Rs 2,123 crore
- Power purchase agreement
- 25 years at Rs 6.28 per unit with Solar Energy Corporation of India
- Fiscal-year financing
- ACME Solar’s total financing reached Rs 10,976 crore
Quotes
ACME Solar Holdings
Renewable energy company that disclosed the project details in an exchange filing
“ACME Greentech Seventh assured peak power project combines multiple renewable energy technologies, including Solar and Battery Energy Storage System (BESS) to meet the supply obligations under its PPA, ensuring higher predictability and dispatchability.”
financialexpress.com
Sources
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