ACME Solar avails long-term refinancing from NaBFID

Fully redeems offshore dollar bonds under orphan structure

ACME Solar has successfully completed the refinancing of Rs 2,147 crore thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under Restricted Group (RG) Structure.

Concurrently, the underlying offshore dollar bonds under the orphan structure has also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.

RG Structure comprises of 12 Operational Solar Assets with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various States offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID).

This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.