Gurugram: ACME Solar Holdings Ltd has raised Rs 1,571 crore in long-term project funding from India Infrastructure Finance Company Ltd (IIFCL) for a 300 MW assured peak power project in Rajasthan, the company said in a statement issued on Thursday. IIFCL is the sole lender on the transaction. The loan carries a repayment tenor of 19 years.
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The statement described the funding as "secured at a competitive rate of interest," and said it "marks IIFCL's first sole greenfield finance to ACME."
The power purchase agreement (PPA) for the project has been executed with Solar Energy Corporation of India (SECI) for a period of 25 years. The tariff is Rs 6.28 per unit. With this loan, the total financing ACME Solar has secured in the current financial year rises to Rs 10,976 crore, according to the statement.
The plant pairs solar generation with a battery energy storage system (BESS) of 1,350 MWh, which the company said will allow it to supply assured peak power under the PPA. The statement said the project "combines multiple renewable energy technologies, including solar and Battery Energy Storage System (BESS) to meet the supply obligations under its PPA, ensuring higher predictability and dispatchability." Total capital expenditure on the project is put at Rs 2,123 crore. The statement said the project "forms part of ACME Solar's broader battery-storage capital deployment programme for the current financial year."
Grid connectivity at the site is already operational, the company said. The pooling substation and a dedicated transmission line are in advanced stages of completion, and land for the site has been substantially secured. On that basis the statement said the project is "progressing on a strong execution footing."
The asset is being developed entirely within Rajasthan, as with ACME Solar's other assured peak power projects. That, the statement said, reinforces "the state's growing role as a hub for the company's hybrid renewable capacity."
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ACME Solar puts its portfolio at 8,370 MW across solar, wind, storage, firm and dispatchable renewable energy (FDRE) and hybrid projects. Operational contracted capacity stands at 2,990 MW, alongside about 3.62 GWh of battery storage capacity. Contracted capacity under construction is 5,380 MW, of which 4,010 MW carries signed PPAs.