ACME Solar Holdings Limited has secured ₹4,725 crore in financing from leading Indian financial institutions. The funds will be used to build new renewable energy projects and reduce borrowing costs by refinancing existing loans.
ACME Solar Holdings Limited is a leading renewable energy company in India. Its total renewable energy portfolio stands at 7,520 MW, including 2,942 MW operational capacity and 4,578 MW under construction, along with around 15 GWh of battery energy storage systems (BESS). Out of the total capacity, 5,380 MW has signed power purchase agreements (PPAs).
The company said the financing has been arranged through its subsidiaries. The loans have a long tenure of 18 to 20 years, helping ACME Solar strengthen its long-term capital structure.
Out of the total amount, ₹2,716 crore has been secured from Power Finance Corporation (PFC) for a 300 MW ACME Sigma FDRE project. This project includes renewable energy with four hours of battery storage.
In addition, ₹800 crore has been arranged from the National Bank for Financing Infrastructure Development (NaBFID) for a 150 MW ACME Platinum Solar project, which includes two hours of battery energy storage with 50% availability. Both projects already have grid connectivity and are in advanced stages of construction.
ACME Solar has also secured ₹1,209 crore from Yes Bank to refinance its 300 MW ACME Sikar Solar project, which is already operational. This refinancing will reduce the cost of debt by 170 basis points initially, and by 195 basis points over time. This is the first long-term refinancing support from Yes Bank for ACME Solar.
During the current financial year, ACME Solar has raised around ₹10,590 crore in greenfield financing, covering over 90% of the debt required for projects under construction. The company has also refinanced around ₹3,380 crore of existing debt, achieving an average interest rate reduction of about 135 basis points.
Additionally, ACME Solar secured further interest savings of around 60 basis points on ₹4,035 crore of debt, including two operational projects shifted to a fixed interest rate system. This move aligns with the company’s strategy of maintaining a balanced mix of fixed and floating rate loans.
Apart from fund-based loans, ACME Solar has expanded its non-fund-based credit limits during the year. Banks such as ICICI Bank, Standard Chartered Bank, First Abu Dhabi Bank, and EXIM Bank have extended these facilities. These limits help lower borrowing costs through trade finance during project construction.
