Renewable energy firm ACME Solar Holdings has secured Rs 1,571 crore in funding from Indian Infrastructure Finance Company (IIFCL) for the development and construction of a peak power project in Rajasthan. IIFCL is the sole lender for the project, with a 19-year repayment tenor.
ACME Solar-IIFCL: Project details
ACME Solar Holdings will utilise the long-term project funding of Rs 1,571 crore for the construction and development of ACME Renewtech Sixth 300-megawatt assured peak power project in Rajasthan.
ACME bagged the contract at a competitive interest rate, marking IIFCL’s first sole greenfield project financing for the company. With this addition, ACME Solar Holding’s total financing for the current fiscal year stands at Rs 10,976 crore.
As a part of the project, Solar Energy Corporation of India (SECI) has signed a power purchase agreement (PPA) for a period of 25 years at a tariff rate of Rs 6.28 per unit. The solar project comprises a total capital expenditure of Rs 2,123 crore.
“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 company said in its exchange filing.
ACME Solar Holdings share price
On the stock circuit, the company’s shares are trading near their 52-week high. The company’s share price was down nearly 1% in Thursday’s intraday session. Over the past one month, its share price has delivered a return of 8%, while over the past six months, its stock has advanced by a whopping 67%.