Acme Solar Subsidiary Receives Rs 1,988-Crore Term Loan For 300 MW Hybrid Project

Acme Renewtech Pvt., a subsidiary of Acme Solar Holdings Ltd., has bagged a Rs 1,988-crore term loan from Power Finance Corp. to support a renewable energy project.

Acme Renewtech will be funding the construction of a 300-megawatt solar-wind hybrid renewable energy project, according to an exchange filing on Thursday. The solar project will be developed in Bikaner, Rajasthan, while the wind facility will be made in Bhuj, Gujarat.

The solar energy firm has already signed the power purchase agreement with NTPC Ltd. and the land for the solar project has been acquired completely.

Acme Solar also received a 300-MW power project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit. As per the power purchase agreement, the operations of the project will start off on or before June 30, 2025, the filing said.

To achieve this, ACME Solar intends to assign its ongoing ACME Sikar project to the new bid, utilizing its existing grid connectivity in Bikaner-2 and the substantial capital expenditure already invested.

The project will also benefit from the Inter-State Transmission System waiver, as the scheduled commercial operation date is set for before June 2025. This is in line with the government's incentives for the early commissioning of renewable energy projects, it said.

Acme Group is planning to enter the solar panel manufacturing space by commissioning its first plant in Jaipur in January.

MKU Holdings, an Acme group company, is setting up a 1.2 GW solar panel manufacturing plant to meet domestic as well as export requirements, people close to the development had told NDTV Profit.

Shares of Acme Solar rose as much as 4.44% during the day to Rs 246.90 apiece on the National Stock Exchange. The stock closed 1.67% higher at Rs 240.35 per share, compared to a 0.10% advance in the benchmark Nifty 50. The share price has fallen 5.06% since its listing.