ACME Solar Holdings Ltd has secured long-term project financing of ₹3,404.57 crore from Power Finance Corporation Ltd (PFC) for its 250 MW Firm and Dispatchable Renewable Energy (FDRE) project being developed by ACME Urja One Pvt Ltd (Phase-III).
PFC will be the sole lender for the project, with the loan carrying a repayment tenor of 19 years.
Funding milestone
With this, ACME Solar’s total project funding raised during the current fiscal has reached ₹6,051 crore.
The project has a 25-year power purchase agreement (PPA) with NHPC Ltd at a tariff of ₹4.33 per unit, which has already been approved by the Central and State regulators.
Project details
The 250 MW FDRE project integrates solar, wind and Battery Energy Storage System (BESS) technologies to ensure reliable and dispatchable renewable power supply.
The project is spread across Fatehgarh-II in Jaisalmer and in Devbhumi Dwarka, Gujarat, with the required land and grid connectivity already in place.
The company said construction is progressing as scheduled and the project is expected to be commissioned next year.
Portfolio
ACME Solar has a diversified renewable energy portfolio of 8,070 MW across solar, wind, storage, FDRE and hybrid projects.
The company has an operational contracted capacity of 2,990 MW and 3.62 GWh of battery energy storage capacity, while 5,080 MW of contracted capacity is under construction. Of this, 3,880 MW is backed by signed power purchase agreements.