ACME Solar Secures INR 15.71 Billion Financing to Build 300MW Solar-plus-Storage Project

en.Wedoany.com Reported - On August 27, ACME Solar Holdings secured INR 15.71 billion in long-term project financing from India Infrastructure Finance Company Ltd (IIFCL) for its wholly-owned subsidiary ACME Renewtech Sixth to build a 300MW firm and dispatchable power project in Rajasthan. IIFCL serves as the sole lender for the project, with a loan repayment period of 19 years, marking its first time financing a greenfield project of ACME Solar as the sole lender.

The total capital expenditure for the project is approximately INR 21.23 billion, with this round of financing accounting for about 74% of the total project investment. The project combines solar power generation with a battery energy storage system, with the latest construction plan configuring 1,350MWh of battery storage. Grid connectivity for the project has been secured, construction of the pooling substation and dedicated transmission lines is in the advanced stage, and project land has been largely acquired.

ACME Renewtech Sixth signed a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) on May 26, with a contracted capacity of 300MW at a tariff of INR 6.28/kWh, with power supply scheduled to commence from May 28, 2028. The project falls under SECI's Seventh Tranche of firm and dispatchable renewable energy tenders, which requires the supply of 4 hours of firm and dispatchable power continuously during non-solar hours each day, with a minimum annual availability of 85%.

The project initially received a letter of award on February 10 with an awarded capacity of 301MW; upon signing the PPA, the contracted capacity was finalized at 300MW following adjustments to the project configuration and implementation plan by both parties. The May PPA document expressed the firm and dispatchable power supply contracted capacity as "300MW/1200MWh," while the actual construction plan disclosed in the latest August financing documents configures 1,350MWh of battery storage.

Under the PPA arrangement, the project will connect to an interstate transmission system (ISTS) substation and utilize ACME Solar's existing nighttime grid connectivity capacity. Of the total project investment of INR 21.23 billion, INR 15.71 billion has been secured through this round of long-term loans, with the remaining capital structure not disclosed in this announcement.

Following the completion of this financing round, ACME Solar's total project financing secured in fiscal year 2026-2027 has reached INR 109.76 billion. The company disclosed at the end of July that its portfolio of under-construction projects with signed PPAs stands at 3,880MW, and it has completed equipment orders for battery storage capacity for the relevant projects; as of that date, its cumulative operational BESS capacity was approximately 3.62GWh.