Piramal Finance, a subsidiary of Piramal Enterprises, has sanctioned an additional Rs 700 crore funding to ACME Solar Holdings Ltd.
Piramal Enterprises said it is additional funding to ACME Solar Holdings, which is one of the independent solar power producers with a portfolio of over 1.8GW.
The deal was made through Corporate Finance Group (CFG) of Piramal Finance Limited by introducing a new product - a Flexi Line of Credit - for the renewable energy sector, it said.
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, the company said.
Piramal Finance, together with its partner APG, had first invested Rs 499 crore in ACME in July 2016.
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