Gurugram: ACME Venus Urja Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited, has secured long-term project funding of Rs 3,892 crore from the State Bank of India (SBI) for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project, said a statement on Thursday.
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The funding has a repayment tenure of 19 years. ACME Solar said the financing is significant as it marks the company’s largest funding from SBI and also the first financing by SBI for its FDRE projects.
The project is being developed in Barmer, Rajasthan, and is contracted with NHPC at a tariff of Rs 4.64 per unit. The project involves installing solar capacity along with a Battery Energy Storage System (BESS) to meet supply obligations and ensure higher dispatchability in line with the conditions of the power purchase agreement.
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions. The company has an operational capacity of 2,890 MW.
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With an in-house engineering, procurement and construction (EPC) and operations and maintenance (O&M) division, the company undertakes end-to-end development and O&M of its plants. ACME said this ensures projects are delivered in a time- and cost-effective manner, with best-in-class operating performance reflected in its industry-leading capacity utilisation factor (CUF) and operating margins.