ACME Solar secures INR 1,571 crore funding for Rajasthan project

Project will have 300 MW of assured peak power capacity.

ACME Solar Holdings has secured INR 1,571 crore in long-term funding from India Infrastructure Finance Company (IIFCL) for its 300 MW assured peak power project in Rajasthan.

IIFCL is the sole lender for the ACME Renewtech Sixth project, with a repayment tenor of 19 years. The financing marks IIFCL’s first sole greenfield financing for ACME Solar.

The latest funding brings ACME Solar’s total financing secured during the current fiscal year to INR 10,976 crore.

The project has a 25-year power purchase agreement with SECI Limited at a tariff of INR 6.28 per unit.

With a total investment of INR 2,123 crore, the project will combine solar generation with a 1,350 MWh battery energy storage system (BESS) to provide assured peak power.

Grid connectivity is already operational, whilst the pooling substation and dedicated transmission line are nearing completion. Land for the project has also been substantially secured.

The project is part of ACME Solar’s battery-storage investment programme and is being developed entirely in Rajasthan.