Piramal Fin sanctions Rs 700cr line of credit to ACME Solar

Piramal Enterprises today said its subsidiary, Piramal Finance, has sanctioned an additional Rs 700 crore to ACME Solar Holdings.
The deal was made through the Corporate Finance Group of Piramal Finance by introducing a new product - a Flexi Line of Credit - for the renewable energy sector, the company said in a statement.
"This aims to make a line of funding available to the borrower based on operational projects, with the flexibility to draw/repay during the tenure," it said.
ACME, with a portfolio of over 1.8GW, is present across the 14 states. PFL had first invested Rs 499 crore with ACME in July last year, together with its partner APG.

"ACME has a strong track record of execution, with projects spread across the country, which reduces the off-take risk, and has signed PPAs for the complete portfolio. In addition, our first round of funding has already seen pre-payments taking place in a short span of time," Piramal Finance Managing Director Khushru Jijina said.
ACME Group Chairman and Managing Director Manoj Kumar Upadhyay, said, "the current funding provides us with the required flexibility to invest in solar and electric transportation business and ensure timely completion of projects.