Mumbai, Aug. 27 -- The company said the project financing, secured at a competitive interest rate, marks IIFCL's first sole greenfield financing for ACME Solar. IIFCL is the sole lender for the project, with a repayment tenor of 19 years.

The funding takes the total financing secured by ACME Solar during the current financial year to Rs 10,976 crore. The power purchase agreement (PPA) for the project has been executed with Solar Energy Corporation of India (SECI) for 25 years at a tariff of Rs 6.28 per unit.

The ACME Greentech Seventh assured peak power project combines multiple renewable energy technologies, including solar and battery energy storage system (BESS), to meet the supply obligations under its PPA and ensure greater predict...