ACME Solar Holdings secures Rs 3,892 cr funding for 400 MW FDRE project

From State Bank of India

ACME Venus Urja, a wholly owned subsidiary of ACME Solar Holdings has secured long term project funding of Rs 3,892 crore from State Bank of India (SBI) for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project with repayment spread across 19 years. The funding is significant as it represents the company's largest financing from SBI and also, represents SBI's first financing in ACME's FDRE projects.

The project is being developed in Barmer, Rajasthan and is contracted with NHPC at a tariff of INR 4.64/Unit. The project would entail installing solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensure higher dispatchability as per the PPA conditions.

 

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