ACME Solar today announced that its subsidiary, ACME Hybrid Urja, has secured long-term financing of INR 3,184 crore from REC Ltd for the development and construction of a 280 MW firm and dispatchable renewable energy (FDRE) project contracted with NHPC. REC will act as the sole lender for the project, providing financing with a tenure of 18 years.
This marks REC Ltd’s third financing of an ACME Solar FDRE project, following two earlier financings this year for projects with a combined capacity of 570 MW.
The project benefits from a 25-year power purchase agreement (PPA) signed with NHPC at a tariff of INR 4.64/kWh. ACME Solar will supply the contracted power by integrating multiple renewable energy technologies, including solar and battery energy storage systems (BESS), to ensure greater predictability and dispatchability. The project is designed to meet a minimum annual capacity utilization factor (CUF) of 40% and a monthly peak hours availability of 90%.
ACME Solar Holdings is a fully integrated renewable energy company in India with a diversified portfolio across solar, wind, storage, hybrid, and firm and dispatchable renewable energy (FDRE) projects. The company has an operational capacity of 2,890 MW and an under-construction capacity of 4,080 MW, along with 550 MWh of standalone BESS. ACME generates long-term stable cash flows through the sale of electricity to various off-takers, including central and state government-backed entities, under long-term fixed-tariff PPAs.
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