ACME Solar Holdings has secured Rs 1,571 crore project funding from India Infrastructure Finance Company (IIFCL).
The long-terms funds were secured for the construction and development of its 300 MW assured peak power project in Rajasthan.
ACME got the funding at a competitive interest rate and marks IIFCLs first sole greenfield financing for ACME Solar. IIFCL is the sole lender for the project, with a repayment tenor of 19 years.
The funding takes the total financing secured by ACME Solar during the current financial year to Rs 10,976 crore. The power purchase agreement (PPA) for the project has been executed with Solar Energy Corporation of India (SECI) for 25 years at a tariff of Rs 6.28 per unit.
The ACME Greentech Seventh assured peak power project combines multiple renewable energy technologies, including solar and battery energy storage system (BESS). The project entails a total capex of Rs 2,123 crore, with land acquisition in place. Grid connectivity already operational, while the pooling substation and transmission line are at advanced stages of completion.
