ACME Renewtech Private Limited, a subsidiary of the recently listed ACME Solar Holdings Limited, has secured a Rs 1,988 crore term loan from Power Finance Corporation (PFC) to support the development and construction of a 300 MW solar-wind hybrid renewable energy project. The project will be located in Bikaner, Rajasthan, with the wind component situated in Bhuj, Gujarat.
The company informed the stock exchanges on Thursday that it has already signed a Power Purchase Agreement (PPA) with NTPC, and grid connectivity for the project has been established. Additionally, the land for the solar capacity has been fully acquired.
In another significant achievement, ACME Solar has reached a major milestone in its renewable energy portfolio by securing a 300 MW solar power project under a government scheme, with a tariff of Rs 3.05 per unit. This project must begin operations by June 30, 2025, in accordance with the PPA terms.
To meet this deadline, ACME Solar plans to repurpose its ongoing ACME Sikar project, leveraging its existing grid connectivity in Bikaner-2 and the substantial capital already invested.
In mid-November, shortly after its listing, ACME Solar Holdings’ subsidiary, ACME Sun Power, secured Rs 3,753 crore in term loan financing from REC Limited, a state-owned company, to develop and construct a 320 MW green energy project in partnership with SJVN. The parent company, ACME Solar Holdings, was listed on November 13.
The solar project will be located in Jaisalmer, Rajasthan, while the wind projects will be in Bhuj and Jam Khambhaliya, Gujarat. REC Limited, which was granted Maharatna status in 2022, will serve as the sole lender for the project and finances a broad range of power infrastructure initiatives.
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