New Delhi [India], November 17 : Days after its listing on the stock exchanges, ACME Solar Holdings' subsidiary ACME Sun Power has secured a Rs 3,753 crore term loan financing from state-owned company REC Limited for the development and construction of a 320 MW green energy projects in collaboration with SJVN.
The company informed stock exchanges on Sunday that the projects would be located in Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat.
A Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured, the company said in the statement. It added that the land acquisition process is in advanced stages.
REC Limited will serve as the sole lender for this project, it added. REC, granted Maharatna status in 2022, finances the entire range of power infrastructure sector
Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed gratitude for REC Limited's support, stating, "We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders."
"This funding is a significant step in strengthening our commitment to building world-class Firm and Dispatchable Renewable Energy (FDRE) renewable energy projects and contributing to India's green energy transition," Upadhyay added.
These projects are poised to enhance India's renewable energy footprint, providing sustainable and clean energy solutions in line with the government's ambitious renewable energy goals.
Over the years, ACME Sun Power has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy.
The company was listed on the exchanges on November 13.
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