ACME Solar secures ₹15,000 crore debt funding for greenfield projects

Renewable energy producer ACME Solar has secured debt-funding of around ₹15,000 crore for its greenfield projects, Group Chief Financial Officer Rajat Singh told Business Standard  in an interview. 

The company wants to increase capacity to 7 Gw by 2028 through hybrid and renewable projects, including firm and dispatchable renewable energy (FDRE), he said. 

The ultimate goal is to achieve 10 Gw by 2030. In the first phase, the plan is to invest between ₹15,000 crore and ₹17,000 crore to increase current operational capacity to 5 Gw by calendar year 2026. The second phase of the growth is under the planning stage. 

The company said with the current operational capacity at 2,890 Mw, it will operationalise around 2,000 Mw per year over the next two years. Acme's current under-construction capacity stands at 4,080 Mw, along with 550 MWh of standalone Battery Energy Storage Systems (BESS). Of the 4,080 Mw under-construction capacity, Power Purchase Agreements have been signed for 2,240 Mw and 550 MWh standalone BESS. 

Also, Letters of Award (LoAs) have been granted for 1,840 Mw, with PPAs expected to be signed within the next 3–6 months.