ACME Solar secures ₹3,404 crore PFC funding for 250 MW FDRE project

The 19-year funding will support a solar, wind and battery storage project across Rajasthan and Gujarat, backed by a 25-year power purchase agreement with NHPC

ACME Solar announced that it had secured ₹3,404 crore in long-term project funding from Power Finance Corporation (PFC) for the development and construction of its ACME Urja One Pvt Ltd Phase III 250 megawatt (MW) firm and dispatchable renewable energy (FDRE) project.

 

The project, comprising solar, wind and a battery energy storage system (BESS), is spread across Fatehgarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat, with land and transmission connectivity in place. The project is expected to be commissioned in 2027.

 

PFC will serve as the sole financier for the project, with a repayment tenor of 19 years. With this, the company’s overall project funding raised during the current financial year has reached ₹6,051 crore.

 

 

The power purchase agreement (PPA) for the project was signed with hydropower generator NHPC for a period of 25 years at a tariff of ₹4.33 per unit. The tariff has been approved and adopted by the central and state regulators, ACME said.

 

ACME Solar has a portfolio of 8,070 MW across solar, wind, storage, FDRE and hybrid solutions. Its operational contracted capacity stands at 2,990 MW, with 3.62 gigawatt-hours (GWh) of BESS capacity and under-construction contracted capacity of 5,080 MW. Its under-construction portfolio with signed PPAs stands at 3,880 MW.