ACME Solar Holdings Ltd, part of the diversified ACME Group, has secured a domestic project finance facility of INR 1,072 crore in its wholly owned subsidiary, ACME Aklera Power Technology. The funds will be used to refinance existing debt and reduce financing costs by 95 basis points to 8.5% per annum for its 250 MW operational solar project in Rajasthan.
The project has been operating for 18 months and achieved annual capacity utilization factor (CUF) of 29.3% in FY25.
This refinancing of 18 years tenure has been secured from a consortium led by institutions including Bank of America and Standard Chartered Bank. It adds to the refinance done so far in last six months of Rs 4,575 crore and is as per group’s plan of refinancing post operations to reduce the cost of debt and improve its credit profile. Bank of America had been an existing lender to ACME Group, however, this refinancing milestone marks the addition of Bank of America and Standard Chartered as project finance lenders to the Group.
Rajat Kumar Singh, Group CFO of ACME Solar Holdings, said, “The refinancing aligns with our strategy to create an efficient capital structure by reducing the cost of debt while diversifying our sources of fund and lending partners. We have been able to improve our projects’ credit ratings by demonstrating our commitment to financial discipline and stability. The reduced cost of debt enables us to further strengthen our financial position as we pursue capacity growth over the next few years.”
ACME Solar Holdings is an integrated renewable energy player with a diversified portfolio of 6,970 MW spanning solar, wind, FDRE and hybrid solutions. The operational capacity of ACME Solar stands at 2,826.2 MW with another 4,143.8 MW in various stages of implementation. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants.
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