Mumbai, Aug. 3 -- ACME Solar Holdings on Wednesday said it secured Rs 34.05 billion (bn) in long-term project financing from Power Finance Corporation (PFC) for its 250 megawatt (MW) firm and dispatchable renewable energy project, strengthening its funding pipeline for under-construction renewable energy assets. PFC will be the sole lender and the loan carries a 19-year repayment tenure, the company said. The financing brings ACME Solar's total project funding raised in the current financial year to Rs 60.51 bn.
The project, developed by ACME Urja One(Phase III), will combine solar, wind and battery energy storage systems to deliver firm and dispatchable renewable power and is spread across Jaisalmer in Rajasthan and Devbhumi Dwarka in Gujarat where land and grid connectivity are already in place. The project is scheduled to be commissioned next year and has a 25-year power purchase agreement with NHPC at a tariff of Rs four point three three per unit, which has regulatory approval. It is designed to improve the predictability and dispatchability of renewable power by integrating multiple clean energy technologies with battery storage.
The latest funding follows a Rs 26.47 bn project loan secured from REC less than two weeks earlier for a 450 MW and 1,800 MWh assured peak power project and underscores ACME Solar's aggressive capital raising to fund an expanding renewable pipeline. The company currently has a diversified renewable portfolio totalling 8,070 MW across solar, wind, hybrid, storage and firm and dispatchable projects, with 2,990 MW of operational contracted capacity and 5,080 MW under construction. It also has around three point six two gigawatt hour (GWh) of battery energy storage capacity.
The combination of capacity and storage aims to address variability in renewable generation and support grid stability as India scales up clean energy deployment. The long tenor of the PFC loan aligns project cash flows with the life of the assets and supports timely commissioning. ACME Solar's successive financings reflect growing lender confidence in hybrid and storage enabled renewable projects.
Published by HT Digital Content Services with permission from Construction World.