New Delhi: ACME Solar Holdings Limited said in a statement on Wednesday that it had completed a Rs 2,147 crore refinancing. The money has redeemed non-convertible debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs). Those SPVs carry a cumulative capacity of 450 MW. The NCDs were issued in August 2021 under a Restricted Group structure.
Follow Energy Watch on X
On the offshore leg, it said, "Concurrently, the underlying offshore dollar bonds under the orphan structure has also been fully redeemed."
The RG structure covers 12 operational solar assets. ACME said 56 percent of the capacity is contracted with central utilities, naming SECI and NTPC. The rest sits with various state offtakers.
On the rating, the statement says the structure "is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets."
The refinancing came from the National Bank for Financing Infrastructure and Development (NaBFID). ACME described it as long-term. On the pricing effect, the statement said the facility "has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure."
The statement does not disclose the tenor, the coupon or the security package of the new NaBFID facility.
The offshore paper being retired dates to July 2021. ACME priced its first green bond then, raising USD 334 million at a coupon of 4.7 percent with a five-year maturity. The proceeds funded 12 operating solar assets totalling 450 MW, or 605 MWp, across eight Indian states. The bonds were issued by an offshore entity, which used the proceeds to subscribe to rupee NCDs issued by the projects. They were certified by the Climate Bonds Initiative, listed on the Singapore Exchange, and oversubscribed more than three times. A five-year tenor from July 2021 places maturity in mid-2026.
ACME put the total financing it has raised so far this fiscal at Rs 8,198 crore. That figure includes the Rs 2,147 crore announced on Wednesday.
Other raisings this year include a Rs 3,404 crore long-term project financing from Power Finance Corporation (PFC) in July, for the development and construction of a 250 MW project. In December 2025, the company had secured Rs 2,716 crore from PFC for a 300 MW FDRE project with four hours of storage, and Rs 800 crore from NaBFID for a 150 MW solar-plus-storage project.
Follow Energy Watch on LinkedIN
ACME describes itself as an integrated renewable energy player with a diversified portfolio of 8,070 MW across solar, wind, storage, FDRE and hybrid solutions. Operational contracted capacity is stated at 2,990 MW, alongside about 3.62 GWh of BESS capacity. Under-construction contracted capacity is 5,080 MW. The under-construction PPA-signed portfolio is put at 3,880 MW. The company says it runs an in-house EPC and O&M division.