ACME Solar secures ₹1,100 crore refinancing for 300 MW project

<p>This project has an operational track record of about six months and has consistently maintained optimum CUF levels.</p> — This project has an operational track record of about six months and has consistently maintained optimum CUF levels.

ACME Solar, a Gurugram-based renewable energy independent power producer (IPP), on Tuesday said it has secured domestic funding of ₹1,100 crore for its subsidiary to refinance the existing debt and reduce financing cost by about 100 bps for its 300 MW renewable energy project in Rajasthan. This project has an operational track record of about six months and has consistently maintained optimum CUF levels.

According to the official press release, this refinancing has been secured from State Bank of India (SBI) for a tenure of about 17 years and is consistent with the company’s strategy to optimise financing costs across its portfolio and strengthen its credit profile through rating upgrades.

It added that the reduced cost of debt enables ACME Solar to further strengthen its financial position as it pursues significant capacity growth over the next few years.

The company, managing a 6.97 GW portfolio across solar, wind, hybrid, and FDRE projects with an operational capacity of 2,890 MW, has been able to improve its projects’ credit ratings by demonstrating a strong commitment to financial discipline and stability.