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Piramal Finance extends Rs 700 cr credit to ACME Solar

Khushru Jijina, the MD of Piramal Finance, said that this is second round of funding to ACME group

Abhijit Lele  |  Mumbai 

Piramal Enterprises
Piramal Enterprises

Limited (PFL), Unit of Piramal Enterprises, has extended sanctioned of Rs 700 crore to Solar Holdings Ltd for renewable energy The is being done through a Flexi Line of Under this arrangement, the borrower has the flexibility to draw/repay during the tenure for operational

in a statement said that ACME, an  Independent Power Producer (IPP) in 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 to group. 
had first invested Rs 499 crore in in July 2016, together with its partner APG. Its are spread across the country, which reduces the off-take risk and has signed Power Purchase Agreements for the complete portfolio. 

The first round of has already seen taking place in a short span of time, said.
Group Chairman and Managing Director, Manoj Kumar Upadhyay, said, the current provides us with the flexibility to invest in the solar and electric transportation business and ensure timely completion of
The Group (CFG), which dealt with a at has diversified over time both in terms of sector and in offerings. CFG is now sector agnostic and offers across the risk curve including senior debt, finance, promoter and

First Published: Wed, July 05 2017. 13:43 IST