The loan disbursal to ACME will take place in a staggered fashion with the first tranche of $50 million to be utilized in developing a 100 MW project in Rajasthan and the remaining amount used for upcoming projects.
This expression of interest depicts the potential of Solar Power in the country which has been facilitated by sound policy framework and focus of the current government on the renewable sector. The impetus provided by the financial institutions will help the sector to tide over the challenges and increase its share from 1% to 3% in the overall energy mix, said Manoj Kumar Upadhyay, founder and chairman, Acme Group.
Last month Acme Group also sourced an investment from the International Finance Corp. (IFC), part of the World Bank group, in the form of a senior loan of up to $34 million (Rs.202 crores) for the Rajasthan project.
ACME is developing a 100 MW solar power project in Rajasthan under the second round of Jawaharlal Nehru National Solar Mission (JNNSM). The project is expected to be commissioned by April 2015.
The company has a portfolio of 197.5 MW in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh. It aims to generate 1,000 MW by the year 2017.