ACME Solar advances green energy goals with major loan for Rajasthan, Gujarat projects

ACME Sun Power Private Limited, a subsidiary of ACME Solar Holdings Limited, has secured a substantial Rs 3,753 crore term loan from REC Limited to finance its Firm and Dispatchable Renewable Energy (FDRE) projects. This funding will fuel the development of a 320 MW hybrid renewable energy project strategically located across Jaisalmer, Rajasthan, for solar power, and Bhuj and Jam Khambhaliya, Gujarat, for wind energy generation.

According to the press release issued on November 17, 2024, the project stands as a testament to ACME Solar’s commitment to driving India‘s renewable energy transition. A Power Purchase Agreement (PPA) has been finalized with SJVN, a public sector undertaking, ensuring long-term grid connectivity for the initiative. The land acquisition process is in its advanced stages, paving the way for seamless project execution.

REC Limited’s exclusive financial backing for the project underscores its trust in ACME Solar’s execution capabilities. This follows a similar arrangement where ACME Surya Power Private Limited, another subsidiary, secured funding for a 250 MW FDRE project. These investments reflect the company’s growing role in India’s renewable energy landscape.

Speaking on the milestone, Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed gratitude to REC Limited for its confidence and support. He remarked that the funding represents a significant step in advancing world-class renewable energy infrastructure while aligning with India’s ambitious green energy goals.

Renewable energy at the core of India’s energy strategy

As India strives to enhance its renewable energy footprint, projects like these highlight the importance of hybrid renewable energy solutions. Firm and dispatchable systems, combining solar and wind energy, ensure grid stability and continuous power supply, critical for scaling up the country’s clean energy capacity.

ACME Solar Holdings Limited, a leader in renewable energy, is among the top 10 players in the Indian market. Over the years, it has evolved from a solar power developer into a fully integrated renewable energy provider. With a robust portfolio of utility-scale projects, the company continues to generate electricity for various government-backed entities and private clients.

This landmark funding agreement reflects the ongoing commitment of public and private sectors to work collaboratively for a sustainable energy future. As the projects progress, they are set to make a significant contribution to achieving India’s renewable energy targets while fostering economic and environmental benefits.