ACME Solar Holdings has secured long-term project financing of Rs 3,404.57 crore from Power Finance Corporation (PFC) for its 250 MW Firm and Dispatchable Renewable Energy (FDRE) project. The FDRE project is being developed through its subsidiary, ACME Urja One (Phase III).
Power Finance Corporation will act as the sole lender for the project. The loan has a repayment tenure of 19 years and will be used for the development and construction of the project.
With this funding, ACME Solar has raised a total of Rs 6,051 crore in project financing during the current financial year.
NHPC signs 25-year power purchase agreement
The PPA for this project was signed with NHPC for a period of 25 years at a tariff of Rs 4.33/unit. The tariff is already approved and adopted by Central and State Regulator.
About FDRE project: Project to be developed across Rajasthan, Gujarat
The 250 MW FDRE project will combine solar power, wind energy and a Battery Energy Storage System (BESS) to provide reliable and dispatchable renewable power. The hybrid setup is designed to improve power supply predictability and help meet contractual supply obligations.
The project is spread across Fatehgarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat. The company said the required land and grid connectivity are already in place.
ACME Solar said construction of the project is progressing as planned and it expects to commission the project next year. Once operational, the project will add to the company’s portfolio of firm renewable energy assets backed by long-term power supply agreements.
About ACME Solar Holding
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and approximately 3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the
plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.
ACME Solar Holdings share price
The share price of ACME Solar Holdings has increased 15.85% in past three months. On year-to-date (YTD), basis the stock has increased 47.76% so far this year.