ACME Solar Holdings Ltd has secured ₹4,725 crore in debt financing from Indian financial institutions to fund renewable energy projects and reduce borrowing costs, the company announced Thursday.
The capital raise includes ₹2,716 crore from Power Finance Corporation for a 300 MW renewable project with four hours of battery storage, and ₹800 crore from National Bank for Financing Infrastructure Development for a 150 MW solar project with two hours of battery storage. This marks ACME’s first greenfield project financing from NaBFID. Both projects are under construction with grid connectivity in place.
ACME also secured ₹1,209 crore from Yes Bank to refinance its operational 300 MW Sikar Solar project, cutting debt costs by 170 basis points initially and eventually by 195 basis points. This represents the first long-term refinancing from Yes Bank for ACME Solar.
The financing brings ACME’s total debt tie-up for the current financial year to ₹10,590 crore for greenfield projects, covering over 90 per cent of power purchase agreements signed for projects under construction. The company has also refinanced ₹3,380 crore of debt, achieving an average 135 basis points rate reduction.
ACME Solar’s total renewable portfolio stands at 7,520 MW, with 2,942 MW operational and 4,578 MW under construction, including 15 GWh of battery energy storage systems.
The shares of ACME Solar Holdings Ltd were trading at ₹231.7 down by ₹13.30 or 1.40 per cent on the NSE today at 11.20 am.