ACME Solar Holdings, a leading renewable energy company and the flagship of the ACME Group, has secured a Rs 2,491 crore long-term project finance facility for 18-20 years. The refinancing aims to reduce debt costs for its 490 MW operational renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.
The refinancing, obtained from SBI and REC at a reduced weighted average interest rate of 8.8%, enhances the company’s credit profile and has led to improved credit ratings for its Andhra Pradesh and Punjab entities under a co-obligor structure. This move aligns with ACME’s broader strategy of credit upgrades and lowering overall interest costs across its operational projects. The Andhra Pradesh (160 MW) and Punjab (30 MW) projects have been operational for nearly nine years, while the Rajasthan (300 MW) project has a three-year track record.
Purushottam Kejriwal, CFO of ACME Solar Holdings, emphasized that the refinancing initiative supports the company’s goal of optimizing its capital structure and reducing borrowing costs. By improving project credit ratings, ACME strengthens its financial position and reinforces its commitment to capacity expansion over the next three years.
ACME Solar continues to lead India’s transition to clean energy, with an existing operational capacity of 2,540 MW and a target of reaching 6,970 MW in the next three years.