ACME Solar today announced that its subsidiary, ACME Venus Urja, has secured long-term project financing of INR 3,892 crore from the State Bank of India (SBI) for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project. The loan comes with a repayment tenure of 19 years.
This marks ACME’s largest financing from SBI to date and also represents SBI’s first investment in an FDRE project by the company.
The project, currently under development in Barmer, Rajasthan, is backed by a Power Purchase Agreement (PPA) with NHPC at a tariff of INR 4.64/kWh. It will incorporate both solar generation and a Battery Energy Storage System (BESS) to fulfill FDRE supply obligations and enhance dispatchability in line with the PPA requirements.
ACME Solar Holdings is an integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions and an operational capacity of 2,890 MW. With an in-house EPC and O&M division, the company undertakes end-to-end development and O&M of the plants.
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