ACME Solar Holdings’ wholly owned subsidiary, ACME Venus Urja, has secured long-term project funding of Rs 3,892 crore from State Bank of India (SBI) to develop its upcoming renewable energy project in Rajasthan.
Funding for 400 MW FDRE Project in Barmer
The company in its regulatory filing highlighted that the funds will be used to develop and construct a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project in Barmer, Rajasthan. The financing is spread across 19 years, marking ACME’s largest-ever funding from SBI. This also happens to be SBI’s first financing for ACME’s FDRE projects.
The project has been contracted with NHPC at a tariff of Rs 4.64 per unit. It will integrate solar power with a Battery Energy Storage System (BESS) to ensure higher dispatchability and meet supply obligations under the Power Purchase Agreement (PPA).
Share price of ACME Solar Holdings
The share price of ACME Solar Holdings opened 3.44 per cent higher in today’s session compared to the previous close following the announcement of the project on BSE. The stock has gained 31.38 per cent so far this year.
The company is one of the leading renewable energy players in India, with a diversified portfolio spanning solar, wind, storage, FDRE, and hybrid solutions.