Gurugram: ACME Solar Holdings has secured Rs 1,072-crore in domestic project finance for its 250 MW operational solar power project in Rajasthan, the company announced on Monday. The refinancing facility has been arranged through its wholly-owned subsidiary, ACME Aklera Power Technology Private Limited, and is led by a consortium including Bank of America and Standard Chartered Bank.
The 18-year loan facility will refinance existing debt and lower the project’s financing cost by 95 basis points to 8.5 percent per annum. The project has been operational for nearly 18 months and achieved a capacity utilisation factor (CUF) of 29.3 percent in FY25, according to the company.
This transaction adds to ACME Solar’s recent refinancing efforts, totalling Rs 4,575 crore over the past six months. The move aligns with the company’s strategy to lower its overall cost of debt and improve its credit profile by refinancing projects after they become operational.
Bank of America, already an existing lender to the ACME Group, has now been added alongside Standard Chartered as a project finance lender through this transaction.
ACME Solar said the transaction reinforces international lenders’ confidence in the Indian renewable energy sector and in the company’s execution and operational capabilities. The addition of leading global banks further diversifies its lender base, which already includes several marquee institutions.
Commenting on the development, Rajat Kumar Singh, Group CFO of ACME Solar Holdings, said: “The refinancing aligns with our strategy to create an efficient capital structure by reducing the cost of debt while diversifying our sources of fund and lending partners. We have been able to improve our projects’ credit ratings by demonstrating our commitment to financial discipline and stability.”
He added that the cost reduction will strengthen the company’s financial position as it continues to expand its renewable energy capacity in the coming years.
