Solar Company secures Rs 1,072 crore refinancing for 250 MW operational project in Rajasthan
The company has a market cap of Rs 14,897 crore and the stock is up over 50 per cent from its 52-week low of Rs 167.55 per share.
ACME Solar Holdings, a prominent Indian renewable energy company, has successfully secured a domestic project finance facility of Rs 1,072 crore for its wholly-owned subsidiary, ACME Aklera Power Technology Private Limited. This financing, with an 18-year tenure, aims to refinance the existing debt for its 250 MW operational project in Rajasthan, effectively reducing the financing cost by 95 basis points to 8.5% per annum. The project has a strong operational track record of approximately 18 months, achieving an annual Capacity Utilisation Factor (CUF) of 29.3% in FY25.
The refinancing was secured from a consortium of institutions, notably including Bank of America and Standard Chartered Bank. This move strategically aligns with ACME Solar's objective of upgrading its credit rating and reducing the overall finance cost of its portfolio. This latest refinancing adds to the Rs 4,575 crore refinanced in the last six months, demonstrating the group's commitment to improving its credit profile post-operations. The involvement of leading international banks in this refinancing further underscores global lenders' confidence in India's renewable energy sector and ACME Solar's robust execution and operational capabilities.
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About the Company
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio of 6,970 MW spanning solar, wind, FDRE and hybrid solutions. With this milestone, the operational capacity of ACME Solar stands at 2,826.2 MW with another 4,143.8 MW in various stages of implementation. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best-in-class operating performance evident in its industry-leading CUF and operating margins.
The company has a market cap of Rs 14,897 crore and the stock is up over 50 per cent from its 52-week low of Rs 167.55 per share.
Disclaimer: The article is for informational purposes only and not investment advice.