ACME Solar Holdings secures project funding of Rs 1,571 cr from IIFCL

ACME Solar Holdings (ACME Solar) has secured Rs 1,571 crore long-term project funding from India Infrastructure Finance Company (IIFCL) for the construction and development of ACME Renewtech Sixth 300 MW assured peak power project in Rajasthan. This project financing, secured at a competitive rate of interest, marks IIFCL's first sole greenfield finance to ACME, with IIFCL acting as the sole lender for the project with a repayment tenor of 19 years.

The current funding milestone takes the overall financing secured by ACME Solar during this fiscal to Rs 10,976 crore.

The Power Purchase agreement (PPA) for this project has been executed with SECI for a period of 25 years at a tariff of INR 6.28/unit. 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.

The project entails a total capex of Rs 2123 crore and forms part of ACME Solar's broader battery-storage capital deployment programme for the current financial year.