ACME Solar Holdings Secures Rs 3,405 Cr Finance for 250-MW Renewable Project

New Delhi: ACME Solar Holdings on Wednesday said that it has secured Rs 3,404.57 crore in financing from Power Finance Corporation (PFC) for its 250-MW renewable energy project.

The funding will be used for the development and construction of the ACME Urja One (Phase-III) project, which spans across Fategarh-II in Jaisalmer, Rajasthan and Jamkhambhaliya in Devbhumi Dwarka, Gujarat, the company said in a statement.

PFC will serve as the sole financier for this project with a repayment tenor of 19 years, it said, adding that the project is expected to be commissioned next year.

This firm and dispatchable renewable energy, or FDRE, project combines multiple renewable energy technologies, including solar, wind and the battery energy storage system (BESS), to meet supply obligations. Such a project ensures higher predictability and dispatchability.

The power purchase agreement for this project was signed with NHPC Ltd for 25 years at a tariff of Rs 4.33/unit.

The current funding milestone takes the overall project funding raised by the company during this fiscal to Rs 6,051 crore, ACME Solar said.

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