ICRA Ltd has assigned ‘AA-’ credit rating with ‘Stable’ outlook on ACME Solar Holdings’ long-term non-fund based bank facilities. ACME Solar said this is the highest credit rating received by Acme Solar till date from any credit rating agency, and this shall potentially enable reduction in cost of debt in the company and its subsidiaries.
ICRA attributes the rating to ACME Solar’s diversified portfolio across multiple locations and offtakers (primarily central), revenue visibility from long-term power purchase agreements (PPAs), optimal generation performance and comfortable debt coverage metrics. The rating also reflects the company’s satisfactory track record in developing and stabilising renewable power projects over the years. In addition, ICRA notes the strengthening of company’s financial profile post-IPO and the availability of equity funding to support its under construction projects.
ACME Solar Holdings is an integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE (firm and dispatchable renewable energy) 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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