ACME Solar Holdings on Thursday said it has secured ₹4,725 crore in long-term financing from leading Indian financial institutions to fund renewable energy projects and optimise its capital structure by lowering borrowing costs.
The financing includes a mix of greenfield project funding and refinancing, with tenors ranging between 18 and 20 years, providing long-term visibility on cash flows and reducing exposure to interest-rate volatility.
Greenfield Projects Backed by Long-Tenure Debt
Under new greenfield financings, ACME Solar raised ₹2,716 crore from Power Finance Corporation (PFC) for its 300 MW ACME Sigma FDRE project, which includes four hours of battery energy storage. The project has connectivity in place and is in advanced stages of construction.
The company also secured ₹800 crore from the National Bank for Financing Infrastructure Development (NaBFID) for its 150 MW ACME Platinum solar-plus-storage project, which includes two hours of battery storage with 50% availability. This marks ACME’s first greenfield project financing from NaBFID.
Refinancing Drives Cost-of-Capital Efficiency
In addition, ACME refinanced ₹1,209 crore for its operational 300 MW Sikar solar project through Yes Bank, lowering its interest cost by 170 basis points initially, with a further reduction to 195 basis points over time.
Overall, the company has refinanced ₹3,380 crore of debt, achieving an average interest cost reduction of 135 basis points, with additional rate cuts on other operational projects.
Strengthening Balance Sheet for Expansion
With this round, ACME has secured ₹10,590 crore of greenfield financing in the current financial year, covering over 90% of PPAs under construction. The company has also expanded non-fund-based limits with banks including ICICI Bank, Standard Chartered, EXIM Bank and First Abu Dhabi Bank to lower construction-stage financing costs.
ACME Solar operates a diversified renewable portfolio spanning solar, wind, storage, FDRE and hybrid solutions.
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