Gurugram: ACME Solar Holdings Limited announced on Tuesday that it has secured domestic refinancing of Rs 1,100 crore from the State Bank of India (SBI) for its 300 MW renewable energy (RE) project in Rajasthan. The funding, raised for a tenure of around 17 years, will refinance existing debt and lower financing costs by about 100 basis points.
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The project, which has been operational for around six months, has consistently maintained optimum capacity utilisation factor (CUF) levels, the company said in a statement.
ACME Solar said the refinancing aligns with its strategy to optimise financing costs across its portfolio and improve its credit profile through rating upgrades. The loan was secured by a subsidiary rated CRISIL AA-.
“The company has been able to improve its projects’ credit ratings by demonstrating strong commitment to financial discipline and stability,” the statement added. Lower cost of debt, it said, will strengthen its financial position as the company pursues significant capacity growth in the coming years.
ACME Solar Holdings is an integrated renewable energy company with an operational portfolio of 2,890 MW spanning solar, wind, storage, firm and dispatchable renewable energy (FDRE) and hybrid solutions. With in-house EPC and O&M divisions, it undertakes end-to-end development and operations of projects.
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The company said its ability to deliver projects in a time and cost-effective manner has resulted in industry-leading CUF levels and operating margins.