Solar & wind power company secures Rs 3,184 crore project funding for Hybrid Urja 280MW FDRE Project from REC Ltd

ACME Hybrid Urja Private Limited, a subsidiary of ACME Solar Holding Limited, has secured Rs 3,184 crore in long-term project financing from REC Limited. This funding is earmarked for the development and construction of a 280 MW Firm & Dispatchable Renewable Energy (FDRE) Project, for which ACME has a contract with NHPC. REC Limited is the sole lender for this project, providing an 18-year financing term, and this marks their third financing initiative for ACME Solar's FDRE projects this year, bringing the cumulative capacity of financed projects to 570 MW.

The project operates under a 25-year Power Purchase Agreement (PPA) with NHPC at a tariff of INR 4.64 per unit. It integrates various renewable energy technologies, including Solar and Battery Energy Storage System (BESS), to ensure reliable and dispatchable power supply. Designed to achieve a minimum annual Capacity Utilization Factor (CUF) of 40% and 90% availability during peak hours monthly, this initiative will significantly aid in reducing greenhouse gas emissions and advancing India's energy transition goals.

This financing milestone underscores the increasing confidence in India's renewable energy sector and strengthens the nation's commitment to expanding clean and sustainable energy solutions. The project aligns with the government's ambitious renewable energy targets, contributing to a greener future and reinforcing India's leadership in the global energy transition.

About the Company

ACME Solar Holdings stands as a leading integrated renewable energy player in India, boasting a diversified portfolio of 6,970 MW encompassing solar, wind, Firm and Dispatchable Renewable Energy (FDRE), and hybrid solutions. With recent commissioning, its operational capacity has reached 2,890 MW, with an additional 4,080 MW actively under various stages of implementation. The company's unique strength lies in its in-house EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) divisions, enabling end-to-end project development and management. This integrated approach ensures timely and cost-effective project delivery, consistently yielding industry-leading Capacity Utilisation Factors (CUF) and strong operating margins.

The company has a market cap of over Rs 17,000 crore and the stock is up by 75.44 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.