CRISIL Ratings has upgraded its rating on ACME Solar’s non-fund-based long-term bank facilities of INR 1,000 crore to ‘AA-/Stable’ from ‘A+/Positive’. ACME Solar stated that this is the highest ratings upgrade for the company, and will potentially enable ACME Solar to reduce its cost of debt across the company and its projects. This is the second AA-/Stable rating received by ACME Solar Holdings Ltd.
“This Rating upgrade factors in healthy growth in ACME Solar’s operating portfolio, healthy execution track record, timely stabilization of assets, refinancing of its projects to lower cost of debt enabling improvement in operating cash flows,” stated ACME Solar. “Additionally, CRISIL has factored in PPA/BESPA signed under-construction portfolio of 2.84 GW solar FDRE, hybrid and wind projects and 550MWh standalone BESS project to be executed over the next 2-3 years through prudent capital allocation. This is supported by a strong liquidity profile, with consolidated free cash and cash equivalents of over INR 1,400 crore, of which more than INR 800 crore is at the standalone level of ACME Solar.”
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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