Gurugram-based ACME Solar Holdings Limited has completed the refinancing of Rs 2,147 crore, redeeming Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs) with a cumulative capacity of 450 MW, the company said in a press release dated August 12, 2026.
The NCDs were originally issued in August 2021 under a Restricted Group (RG) structure. Alongside the domestic refinancing, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed, the company said. With this transaction, the total financing raised by ACME Solar during the current fiscal year has reached Rs 8,198 crore.
According to the release, the RG structure comprises 12 operational solar assets, with 56 per cent of the overall capacity tied up with central utilities such as the Solar Energy Corporation of India (SECI) and NTPC Limited, and the remaining capacity contracted with various state offtakers. The RG structure carries a provisional rating of AA- from CARE Ratings, which the company said reflects the credit rating agency’s comfort with the operational and financial parameters of these assets.
The long-term refinancing was availed from the National Bank for Financing Infrastructure and Development (NaBFID). The company said this has lowered the borrowing cost by approximately 150 basis points across the issuing SPVs, strengthening project cash flows and improving the long-term capital structure.
ACME Solar Holdings Limited describes itself as an integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, firm and dispatchable renewable energy (FDRE), and hybrid solutions. The company has an operational contracted capacity of 2,990 MW and approximately 3.62 GWh of battery energy storage system (BESS) capacity, alongside an under-construction contracted capacity of 5,080 MW and an under-construction power purchase agreement (PPA) signed portfolio of 3,880 MW. The company operates an in-house engineering, procurement and construction (EPC) and operations and maintenance (O&M) division for end-to-end project delivery.
