upgraded long-term bank facilities worth ₹1,000 crore to ‘CRISIL AA-/Stable’ from ‘CRISIL A+/Positive’ today, marking the company’s highest rating upgrade.
This is the second AA-/Stable rating received by the renewable energy firm and is expected to reduce its cost of debt across projects.
The upgrade reflects ACME Solar’s expanding operational portfolio of 2,890 MW and its execution track record. The company has a pipeline of 2.84 GW solar, hybrid and wind projects along with a 550 MWh standalone battery energy storage system (BESS) project scheduled for completion over the next two to three years.
CRISIL noted the company’s strong liquidity position with consolidated cash and equivalents exceeding ₹1,400 crore, including over ₹800 crore at the standalone level.
In a separate development, ACME Group strengthened its manufacturing division by appointing Jitendra Agrawal as Chief Operating Officer for its renewable equipment manufacturing business. The appointment, announced October 6, aims to scale up the company’s presence in domestic and international markets.
ACME’s entry into manufacturing follows its inclusion in the Approved List of Models and Manufacturers (ALMM) by the Ministry of New and Renewable Energy in early 2025.
The company established a 1.2 GW solar module manufacturing facility in Jaipur with an investment of ₹230 crore. The facility produces high-efficiency modules for utility-scale power plants, KUSUM projects, exports and rooftop installations.
The company launched ACM-HD144N N-Type TOPCon Bifacial Dual Glass Mono Modules with 600W peak power ratings and a 30-year performance warranty. These modules meet international standards including IEC, UL and ISO certifications. The recent GST reduction on solar modules from 12 per cent to 5 per cent is expected to shorten payback periods by two to three months for energy consumers.
ACME is planning backward integration and capacity expansion for its manufacturing operations as part of its strategy to establish presence across the renewable product value chain.
The shares of ACME Solar Holdings Ltd were trading at ₹289.70 up by ₹1.40 or 0.49 per cent on the today at 11.55 am.