ACME Solar bags INR 2,491 crores refinancing for renewable projects

This will finance existing debt facilities.

ACME Solar Holdings has secured an INR 2,491 crore long-term project finance facility to refinance its existing debt facilities and reduce the cost of financing its 490 megawatt (MW) operational renewable energy projects in Andhra Pradesh, Rajasthan and Punjab.

In a bourse filing, the company said the finance facility, which has a project life of 18- 20 years, was secured from SBI and REC at reduced weighted average interest rate of 8.8%.

“The reduced cost of debt enables us to further strengthen our financial position as we pursue capacity growth over the next three years,” said Purushottam Kejriwal, Chief Financial Officer of ACME Solar.

ACME Solar has an operational capacity of 2,540 MW capacity and a target of achieving 6,970 MW capacity within the next three years.