ACME Solar Holdings wholly owned subsidiary – ACME Hybrid Urja has obtained long-term project finance of Rs 3184 crore as a loan advance facility for the development & construction of 280 MW Firm & Dispatchable Renewable Energy Project (FDRE) on a contract with NHPC. REC will offer the only loan facility in this project hence availed long-term funding of 18 years.
This is the third financing initiative of FDRE project by ACME Solar by REC, having financed two other FDRE projects, earlier this year which have the total capacity of 570 MW. The above fundraising efforts are the clear testament of high trust of key financial institutions such as REC in ACME in project development and implementation.
The company entered 25 years Power Purchase Agreement (PPA) with NHPC at tariff of Rs 4.64 /Unit. This is a hybrid project involving several renewable technologies such as Solar and Battery Energy Storage System (BESS) to fulfill the supply requirements and, guarantees greater predictability and dispatch. The project will specifically serve the needs of a minimum annual CUF of 40% with a peak hours availability of 90% per month, and thus will help considerably in reducing greenhouse gas (GHG) emissions, and in achieving the energy transition objective of the country.
ACME Solar Holdings is an Indian renewable energy company that has a set of solar, wind, hybrid as well as firm and dispatchable renewable energy projects.
