Gurugram: ACME Hybrid Urja Private Limited, a wholly-owned subsidiary of ACME Solar Holdings Ltd, has secured long-term financing of Rs 3,184 crore from REC Ltd for its 280 MW Firm and Dispatchable Renewable Energy (FDRE) project contracted with NHPC, the company said in a statement on Wednesday.
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REC will be the sole lender for the 18-year term loan. This is REC’s third financing initiative for ACME Solar’s FDRE portfolio in 2025, following funding for two other projects with a combined capacity of 570 MW earlier this year. ACME said these repeated financings “clearly underscore the strong confidence of leading lenders like REC Ltd in ACME’s project development and execution capabilities.”
The project is backed by a 25-year power purchase agreement with NHPC at a tariff of Rs 4.64 per unit. It will integrate solar and battery energy storage systems to ensure higher predictability and dispatchability, with a minimum annual capacity utilisation factor (CUF) of 40 percent and monthly peak-hour availability of 90 percent.
According to the statement, the project will contribute significantly to reducing greenhouse gas emissions and help advance India’s renewable energy targets. ACME said the funding milestone “reflects the growing confidence in India’s renewable energy sector” and aligns with the government’s clean energy ambitions.
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ACME Solar is among India’s top 10 renewable energy independent power producers, with an operational capacity of 2,890 MW and projects under construction totalling 4,080 MW along with 550 MWh of standalone battery storage. The company has in-house EPC and O&M capabilities, enabling control over processes, costs, timelines, and technology choices.