ACME Solar bags INR 1,072 crore refinancing for 250 MW Rajasthan project

The funding has a tenure of 18 years.

ACME Solar Holdings has secured financing worth INR 1,072 crore in its subsidiary ACME Aklera Power Technology Private Limited to refinance an existing project.

In a disclosure, ACME Solar said the funding will be for an existing debt and reduce financing cost by 95 bps to 8.5% per annum for its 250 megawatt operational project in Rajasthan.

The refinancing, which has an 18-year tenure, was secured from a consortium including Bank of America and Standard Chartered Bank.

“The refinancing aligns with our strategy to create an efficient capital structure by reducing the cost of debt while diversifying our sources of fund and lending partners,” said Rajat Kumar Singh, group CFO of ACME Solar.

“We have been able to improve our projects’ credit ratings by demonstrating our commitment to financial discipline and stability. The reduced cost of debt enables us to further strengthen our financial position as we pursue capacity growth over the next few years,” he added.