ACME Solar Holdings' stock surged after its wholly-owned subsidiary, ACME Sun Power Private Limited, secured term loan financing of Rs 3,753 crore from REC Limited
ACME Solar shares opened lower on bourses at Rs 259 on BSE lower than Street's expectations
Both Sensex and Nifty closed over 1 per cent lower on Tuesday, November 12, with the Sensex ending at 78,675.18 and the Nifty closing at 23,883.45 levels
Scatec entered the Indian market last year by partnering with ACME to build the plant in the state of Rajasthan under a 25-year power purchase agreement with Solar Energy Corporation of India (SECI)
It is seeking to raise about a quarter of the total investment by tapping global investors from private equity firms to pension funds
The total value of the project is close to US$ 200 million, of which about a quarter would be financed through equity contributions by the three co-investors, ACME said in a statement.
Files petition with CERC to prevent SECI and Power Grid Corp from encashing bank guarantee and letter of comfort submitted for project
The company also has a contract for a 250-Mw unit at the Rewa solar park in Madhya Pradesh