ACME Solar Holdings Limited (ACME Solar) has secured Rs 3,404.57 crore in long-term project funding from Power Finance Corporation Limited (PFC) for its 250 MW Firm and Dispatchable Renewable Energy (FDRE) project being developed under ACME Urja One Private Limited (Phase-III), the company said in a stock exchange filing.
PFC will act as the sole financer for the project, with the loan carrying a repayment tenor of 19 years, the filing showed. With this latest tranche, the total project funding raised by ACME Solar during the current fiscal has risen to Rs 6,051 crore.
The power purchase agreement (PPA) for the project was signed with NHPC Limited for a period of 25 years at a tariff of Rs 4.33 per unit, according to the company. The tariff has already been approved and adopted by the Central and State regulators, it said.
The Phase-III FDRE project integrates solar, wind and Battery Energy Storage System (BESS) technologies to meet supply obligations while offering greater predictability and dispatchability, the company said. The project spans Fategarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat, with the necessary land and connectivity already secured.
Development of the project is progressing on schedule and is expected to be commissioned next year, the company said.
