ICRA Ltd has upgraded the long-term loan facility of ACME Aklera Power Technology, an arm of ACME Solar, to ‘ICRA AA-/Stable’ from ‘ICRA A+/Stable’. The rating applies to ACME Aklera Power Technology’s 250 MW renewable energy capacity in Rajasthan for its INR 1,072 crore term loan facility from Bank of America, Standard Chartered Bank and India Infradebt Limited.
ICRA cited strengthening of the credit profile of the parent company ACME Solar, along with robust revenue visibility, healthy generational performance and successful refinancing of its previous loan at favourable terms as key strengths for the rating upgrade.
The rating also reflects ACME Aklera Power Technology’s strong operational profile supported by a 25-years power purchase agreement (PPA) with Solar Energy Corp. of India Ltd (SECI). The fixed tariff for 25 years ensures long-term cash flow predictability, while SECI’s track record of timely payments further enhances the credit profile.
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 does end-to-end development and O&M of the plants.
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