ACME Solar Holdings Ltd has secured Rs 1,571 crore in long-term project financing from India Infrastructure Finance Company Ltd (IIFCL) for its 300 MW ACME Renewtech Sixth assured peak power project in Rajasthan.
IIFCL will be the sole lender for the project, with the financing carrying a repayment tenor of 19 years. The latest transaction takes ACME Solar’s total financing secured during the current financial year to Rs 10,976 crore.
The project has a 25-year Power Purchase Agreement (PPA) with SECI Limited at a tariff of Rs 6.28 per unit.
The project combines solar generation with a 1,350 MWh Battery Energy Storage System (BESS) to provide assured peak power. It entails a total capital expenditure of Rs 2,123 crore.
Grid connectivity for the project is operational, while the pooling substation and dedicated transmission line are in advanced stages of completion. The company has also substantially secured the land required for the project.
The project is being developed entirely in Rajasthan and forms part of ACME Solar’s battery-storage capacity deployment programme for the current financial year.