ACME Sun Power gets ₹3,753-crore loan from REC for wind, solar power projects

New Delhi: ACME Sun Power Private Ltd, a wholly-owned subsidiary of ACME Solar Holdings Ltd, has secured ₹3,753 crore in term loan from state-run infrastructure lender REC Ltd for development and construction of firm and dispatchable renewable Energy (FDRE) projects with a cumulative capacity of 320 MW in collaboration with hydropower producer SJVN.

The projects would be located at high-resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat, for windmill sites. Power purchase agreement has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages, said a statement from ACME.

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FDRE project

REC will serve as the sole lender for this project. Recently, another FDRE project, ACME Surya Power Private Ltd, secured financing for a 250 MW FDRE project from REC.

Manoj Kumar Upadhyay, chairman and founder of ACME Solar Holdings Ltd, said: “We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition.”

The ACME statement said that these RE projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals.

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The development comes days after the listing of ACME Solar on the exchanges. As per the company website, its operational capacity is 1,340 MW, while another 3,250 MW is under construction and 1,830 MW has been awarded in India.

In October, ACME Solar Holdings Ltd, through its special purpose vehicle ACME Platinum Urja Private Ltd, signed a power purchase agreement with Solar Energy Corporation of India (SECI) for a hybrid project with a capacity of 150 MW of solar power integrated with energy storage solutions (ESS).

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