Limited (PFL), Unit of Piramal Enterprises, has extended sanctioned credit
of Rs 700 crore to ACME
Solar Holdings Ltd for renewable energy projects.
is being done through a Flexi Line of Credit.
Under this arrangement, the borrower has the flexibility to draw/repay during the tenure for operational projects.
in a statement said that ACME, an Independent Power Producer (IPP) in solar energy
space in India, has a portfolio of over 1.8 GW. Khushru Jijina, the Managing Director, Piramal Finance, said that this is the second round of funding
had first invested Rs 499 crore in ACME
in July 2016, together with its partner APG. Its projects
are spread across the country, which reduces the off-take risk and has signed Power Purchase Agreements for the complete portfolio.
Group Chairman and Managing Director, Manoj Kumar Upadhyay, said, the current funding
provides us with the flexibility to invest in the solar and electric transportation business and ensure timely completion of projects.