Acme Renewtech Private Limited, a subsidiary of Acme Solar Holdings Limited, has successfully obtained term loan financing worth Rs 1,988 crore from Power Finance Corporation (PFC). This funding will support the establishment of a 300 MW Solar-Wind Hybrid Renewable Energy Project.
The project will be implemented in regions with high renewable energy potential. The solar capacity will be set up in Bikaner, Rajasthan, while the wind capacity will be developed in Bhuj, Gujarat. A Power Purchase Agreement (PPA) has already been signed with NTPC, and the project has secured grid connectivity. Land acquisition for the solar installation has been completed. PFC is serving as the sole lender, structuring the loan with a debt-to-equity ratio of 80:20.
Additionally, Acme Solar has achieved a significant milestone by winning a 300 MW Solar Power Project under SECI-ISTS XVIII at a competitive tariff of Rs 3.05 per unit. As per the PPA, the project is expected to commence operations by June 30, 2025. Acme Solar plans to allocate resources from its ongoing Acme Sikar project, which already has grid connectivity in Bikaner-2 and considerable capital investments. The project will benefit from an Inter-State Transmission System (ISTS) waiver, incentivized for projects commencing before June 2025, aligning with government policies to promote renewable energy development.
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