ACME Group gets final approval for USD 100 mn loan from ADB

ACME Group, which provides energy efficient and environment friendly solutions, has received final approval for credit facility worth USD 100 million (around Rs 618 crore) from ADB.
"The proceeds of the loan from ADB (Asian Development Bank) shall be received in multiple tranches. The first tranche of USD 50 million shall be utilised in developing 100 MW projects in Rajasthan and the remaining amount of loan shall be used for its upcoming projects," ACME Group said in a statement.
This is the company's second loan in two months. Last month ACME Group also sourced an investment from IFC in the form of loan of up to USD 34 million (around Rs 201.9 crore) for the 100 MW project in Rajasthan.

"We thank ADB for its participation in our Solar Power Projects. This expression of interest depicts the potential of solar power in the country which has been facilitated by sound policy framework and focus of the current government on the renewable sector," Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said.
He added, the impetus provided by the financial institutions will help the sector to tide over the challenges and increase its share from 1 per cent to 3 per cent in the overall energy mix.
The company has a portfolio of 197.5 MW including 100 MW JNNSM (Jawaharlal Nehru National Solar Mission) Phase II Projects, in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh.

It aims to generate 1,000 MW by the year 2017. The portfolio includes 100 MW plants in Rajasthan, 25 MW plant in Madhya Pradesh, 25 MW plant in Odisha, 30 MW plant in Chhattisgarh and a 15 MW in Gujarat.
Some of these projects are at various stages of commissioning, the 100 MW Rajasthan projects are expected to be commissioned by April, 2015, the statement said.