ACME Solar Secures ₹4,725 Crore Financing To Boost Solar And Energy Storage Projects
Source：solarquarter
ACME Solar Holdings Ltd, through its subsidiaries, has successfully secured a significant debt tie-up of ₹4,725 crore from leading Indian financial institutions to fund the construction of renewable energy projects and optimize its capital structure. The funding will help the company reduce financing costs while supporting its ongoing and upcoming solar and storage initiatives.
The capital raise comprises both new greenfield financings and refinancing of existing projects. Under new greenfield financing, ACME Solar has secured ₹2,716 crore from Power Finance Corporation Ltd (PFC Ltd) for its 300 MW ACME Sigma FDRE project, which combines renewable energy generation with four hours of battery storage. In addition, the company received its first greenfield project financing from the National Bank for Financing Infrastructure Development (NaBFID), amounting to INR 800 crore for its 150 MW ACME Platinum Solar + ESS project. This project will include two hours of battery storage with 50% availability. Both projects have grid connectivity in place and are in advanced stages of construction.
On the refinancing side, ACME Solar has raised ₹1,209 crore from Yes Bank to refinance its operational 300 MW ACME Sikar Solar project. This refinancing is expected to reduce the cost of debt initially by 170 basis points and eventually by 195 basis points. It also marks the first long-term refinancing arrangement from Yes Bank for the company.
With this round of financing, ACME Solar has secured around ₹10,590 crore of greenfield financing in the current financial year, covering more than 90% of the power purchase agreements (PPAs) signed for projects under construction. The company has also refinanced debt of approximately ₹3,380 crore, achieving a rate reduction of around 135 basis points. Additionally, an extra rate reduction of about 60 basis points has been achieved on roughly ₹4,035 crore of debt for other projects, including two operational projects that have moved to a fixed-rate regime with their existing lenders. This approach aligns with ACME Solar’s long-term funding strategy, which aims to maintain a diversified mix of fixed and floating rate borrowings.
ACME Solar has also expanded its non-fund-based limits with banks such as ICICI Bank, Standard Chartered Bank, First Abu Dhabi Bank, and EXIM Bank. These facilities support trade finance during the construction stage, further contributing to lower financing costs. The company’s recent initiatives strengthen its financial position and provide a solid foundation for ongoing and future renewable energy projects.