ACME Solar secures Rs 1,988cr financing and expands renewable portfolio with 300MW SECI Project
ACME Solar Holdings Limited, a pioneer in India‘s renewable energy sector, has taken significant strides by securing ₹1,988 crore in financing from Power Finance Corporation (PFC). This funding will drive the development of a 300 MW Solar-Wind Hybrid Renewable Energy Project, underscoring ACME’s leadership in sustainable energy solutions.
Financing to Drive Renewable Growth
In an important development, ACME Renewtech Private Limited, a subsidiary of ACME Solar, successfully obtained term loan financing from PFC. The funding will support the hybrid renewable energy project, strategically divided between solar capacity in Bikaner, Rajasthan, and wind capacity in Bhuj, Gujarat. ACME Solar has already secured grid connectivity and completed land acquisition for the solar segment.
PFC structured the financing with a debt-to-equity ratio of 80:20, ensuring optimal utilisation of resources while minimising financial risks. According to renewable energy analysts, this funding model represents an innovative approach to facilitating large-scale hybrid energy projects, which are becoming integral to India’s clean energy transition.
Strategic Execution for Timely Completion
ACME Solar is leveraging its under-construction ACME Sikar project to accelerate the development of the 300 MW SECI-ISTS solar power project. By reallocating its existing infrastructure and capital investments, the company plans to meet the stipulated operational deadline of June 30, 2025.
This project also benefits from the government’s Inter-State Transmission System (ISTS) charge waivers, provided for renewable projects operational before June 2025. ACME Solar’s strategic planning ensures alignment with these policy incentives, demonstrating its capability to deliver projects that complement national energy goals.
Expansion Through Competitive Bidding
In a highly competitive bidding round under SECI’s ISTS XVIII scheme, ACME Solar secured the project at a tariff of ₹3.05 per unit. Industry observers note that this tariff reflects the company’s efficiency and cost optimisation in renewable energy generation. By securing this project, ACME further solidifies its position as a market leader in the renewable energy landscape.
Driving Innovation Through Hybrid Energy
ACME Solar’s latest initiative combines solar and wind technologies to maximise energy output and operational efficiency. This hybrid approach addresses intermittency issues commonly associated with standalone renewable projects, offering a reliable solution for India’s growing energy demand.
According to industry experts, hybrid renewable projects represent the next phase of clean energy evolution, offering scalability and consistent power generation. ACME Solar’s commitment to such innovative projects highlights its vision of transitioning India to a greener energy future.
Expert Analysis
Energy sector analysts have lauded ACME Solar’s ability to integrate strategic financing and resource allocation into its projects. A senior renewable energy consultant noted that PFC’s backing not only validates ACME’s project feasibility but also positions the company as a critical contributor to India’s renewable energy goals.
Moreover, ACME’s utilisation of existing assets for the SECI project reflects its operational acumen. By minimising development lead times, the company showcases an approach that could become a template for other players in the sector.
Renewable Energy Leadership
ACME Solar Holdings Limited has consistently demonstrated its ability to lead through innovation. From achieving significant financial closures to securing high-profile projects, the company remains at the forefront of India’s renewable energy transition.
As the hybrid solar-wind project moves towards completion, ACME Solar’s initiatives continue to align with India’s ambitious renewable energy targets, which include reaching 500 GW of non-fossil fuel capacity by 2030.
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