New Delhi: ACME Solar Holdings Ltd said on Wednesday it has secured Rs 3,404.57 crore in long-term project funding from Power Finance Corporation Ltd (PFC) for the development and construction of ACME Urja One (Phase III), a 250 MW firm and dispatchable renewable energy (FDRE) project. PFC is the sole financer, with a repayment tenor of 19 years. The funding takes the total project funding ACME Solar has raised so far this financial year to Rs 6,051 crore, the company said.
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The power purchase agreement for the project has been signed with NHPC Ltd for 25 years at a tariff of Rs 4.33 per unit, ACME Solar said, adding that the tariff had been approved and adopted by the central and state regulators.
The FDRE project combines solar, wind and a battery energy storage system (BESS) to meet its supply obligations, which the company said ensures higher predictability and dispatchability. It spans Fategarh-II in Jaisalmer, Rajasthan and Jamkhambhaliya in Devbhumi Dwarka, Gujarat, with the necessary land and connectivity already in place, according to ACME Solar. The company said development was on schedule and the project was expected to be commissioned next year.
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ACME Solar said its portfolio spans 8,070 MW across solar, wind, storage, FDRE and hybrid solutions, comprising operational contracted capacity of 2,990 MW with about 3.62 GWh of BESS, and under-construction contracted capacity of 5,080 MW. Of the under-construction capacity, 3,880 MW has signed PPAs, the company said.