ACME Solar Secures Rs 2,491 Crore Refinancing to Boost Renewable Projects

ACME Solar Holdings has secured Rs 2,491 crore in refinancing from SBI and REC at a reduced interest rate to lower debt costs for its renewable projects. This move enhances its financial standing, supporting their goal to expand clean energy capacity in India over the next three years.

ACME Solar Holdings announced on Thursday that it has obtained a Rs 2,491 crore long-term refinancing facility aimed at reducing the cost of debt for its renewable energy projects.

The funding, secured from SBI and REC, features a reduced weighted average interest rate of 8.8 percent, according to the company's statement.

As India's leading renewable energy firm and a key player of the ACME Group, ACME Solar Holdings targets to use this refinancing for reducing financial burdens on its 490 MW operational projects across Andhra Pradesh, Rajasthan, and Punjab, furthering its strategy for credit upgrade and debt cost reduction.

(With inputs from agencies.)