Solar and Battery Energy Storage System Company Secures Rs 1,100 Crore Refinancing from SBI for 300 MW Project in Rajasthan

ACME Solar Holdings Limited has secured domestic funding of Rs 1,100 crore for its subsidiary rated CRISIL AA- to refinance the existing debt and reduce financing cost by around 100 bps for its 300 MW renewable energy project in Rajasthan. This project has an operational track record of about 6 months and consistently maintains optimum CUF levels.

This refinancing has been secured from State Bank of India (SBI) for a tenure of approximately 17 years and is consistent with the company’s strategy to optimise financing costs across its portfolio and strengthen its credit profile through rating upgrades. The Company has been able to improve its projects’ credit ratings by demonstrating a strong commitment to financial discipline and stability. The reduced cost of debt enables ACME Solar to further strengthen its financial position as it pursues significant capacity growth over the next few years.

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About the Company

ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions and an operational capacity of 2,890 MW. 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.

On Tuesday, shares of ACME Solar Holdings Limited jumped 6.2 per cent and made a new 52-week high of Rs 314.80 per share from its previous closing of Rs 296.45 per share with heavy volume. The company has a market cap of over Rs 17,000 crore and the stock is up by 89 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.