ACME Solar Holdings has secured long-term project funding of Rs 2,646.64 crore from REC for its 450 MW/1,800 MWh Assured Peak Power Project being developed through its subsidiary, ACME Greentech Seventh.
The company said it will use the funds to develop and construct the renewable energy project. REC will act as the sole lender for the project, with the financing extending over a period of 20 years.
he project has a 25-year power purchase agreement (PPA) with SJVN. Under the agreement, ACME Solar will supply power at a tariff of Rs 6.74 per unit.
The project is designed to provide assured peak power by integrating multiple renewable energy technologies, including solar power and a Battery Energy Storage System (BESS).
About ACME Solar
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 ~3.3 GWh of BESS capacity and under construction contracted capacity of 5,080 MW including ~18 GWh of BESS installation. The under construction PPA signed portfolio stands at 3,580 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 share price
The share price of ACME Solar has declined 36.38% in past three months. On year-to-date (YTD) basis the stock had declined 64.86%.