Gurugram: ACME Solar Holdings Ltd has secured Rs 2,646.64 crore in long-term project funding from state-run REC Ltd for its ACME Greentech Seventh 450 MW/1800 MWh Assured Peak Power Project, the company said in a statement on Thursday.
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The renewable energy producer said the funds would be channelled into building out the project. "The company will deploy these funds for the development & construction of this project. REC Ltd will serve as the sole financer for this project for 20 years," ACME Solar said in its statement.
The project is backed by a long-term offtake arrangement. "The PPA for this project was signed with SJVN Limited at a tariff of INR 6.74/unit for a period of 25 years," the company said.
The project falls under the firm and dispatchable renewable energy (FDRE) category, pairing generation with storage to deliver assured peak power. According to ACME Solar, "The ACME Greentech Seventh Assured Peak Power Project combines multiple renewable energy technologies including Solar and Battery Energy Storage System (BESS) to meet the supply obligations and, ensures higher predictability and dispatchability."
ACME Solar described itself as "a leading integrated renewable energy player" with a diversified portfolio of 8,070 MW, spanning solar, wind, storage, FDRE and hybrid solutions. The company said it has an operational contracted capacity of 2,990 MW along with about 3.3 GWh of BESS capacity, and an under-construction contracted capacity of 5,080 MW that includes roughly 18 GWh of BESS installation. Its under-construction signed PPA portfolio stands at 3,580 MW.
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The company added that its in-house EPC and O&M division handles end-to-end development and operation of its plants, which it said allows it to deliver projects cost-effectively while maintaining industry-leading capacity utilisation factor (CUF) and operating margins.
