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 its renewable energy projects and optimize its capital structure, reducing financing costs for ongoing and upcoming solar and storage initiatives.
The capital raise includes both new greenfield financing and refinancing of existing projects. Under new greenfield financing, ACME Solar secured ₹2,716 crore from Power Finance Corporation Ltd (PFC Ltd) for its 300 MW ACME Sigma FDRE project, combining renewable energy generation with four hours of battery storage. Additionally, the company received ₹800 crore from the National Bank for Financing Infrastructure Development (NaBFID) for its 150 MW ACME Platinum Solar + ESS project, which 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 raised ₹1,209 crore from Yes Bank to refinance its operational 300 MW ACME Sikar Solar project, achieving an initial reduction of 170 basis points (bps) in cost of debt, eventually reaching 195 bps. This marks the first long-term refinancing from Yes Bank for the company.
With this round of financing, ACME Solar has secured approximately ₹10,590 crore of greenfield financing in the current financial year, covering over 90% of the PPAs signed for projects under construction. The company has also refinanced around ₹3,380 crore of debt, achieving a rate reduction of 135 bps, along with an additional 60 bps reduction on roughly ₹4,035 crore of debt for other projects, including two operational projects now on a fixed-rate regime. These steps align with ACME Solar’s long-term strategy to maintain a diversified mix of fixed and floating rate borrowings.
ACME Solar has also expanded its non-fund-based limits with banks including ICICI Bank, Standard Chartered Bank, First Abu Dhabi Bank, and EXIM Bank, supporting trade finance during construction and further lowering financing costs.
These initiatives strengthen ACME Solar’s financial position and provide a solid foundation for its ongoing and future renewable energy projects. ACME Solar Holdings Ltd remains a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE, and hybrid solutions.
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