ACME Solar completes INR 2,147 crore refinancing for 450 MW operating PV projects

ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing non-convertible debentures (NCDs) and associated offshore dollar bonds linked to its 450 MW of operational solar assets. The transaction takes the total financing raised by ACME Solar during the current fiscal year to INR 8,198 crore.

The NCDs were issued in August 2021 by 12 operational special purpose vehicles (SPVs) representing a combined capacity of 450 MW under a Restricted Group (RG) structure. The RG structure comprises 12 operational solar assets, with 56% of the overall capacity contracted with central utilities, including SECI and NTPC, and the rest capacity contracted with various state offtakers.

RG structure is provisionally rated as AA- by CARE ratings, which demonstrates credit rating agency comfort on the operational and financial parameters of these assets. 

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID) and has reduced the borrowing cost by approximately 150 basis points across the issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure, stated ACME Solar.