ACME Solar Secures Rs 4,725 Crore for Renewable Projects

ACME Solar Holdings has obtained Rs 4,725 crore in financing from Indian financial institutions to support renewable energy projects and lower financing costs. This includes long-term debt for projects and refinancing to achieve significant cost reductions, aligning with ACME's strategic financial goals in the renewable sector.

ACME Solar Holdings announced a major financial milestone on Thursday, revealing it had secured Rs 4,725 crore from prominent Indian financial institutions to fund its renewable energy initiatives. This move is designed to streamline capital costs and optimize financing expenditures.

Included in this capital inflow is support for the ACME Sigma FDRE project and the ACME Platinum Solar + ESS project, both of which represent substantial advancements in renewable power with integrated battery storage capabilities. These projects, now in their advanced construction phases, are pioneering in long-term energy solutions.

Additionally, ACME Solar's successful refinancing from Yes Bank exemplifies a strategic reduction in debt costs, with a reported decrease of up to 195 basis points. This refinancing forms part of a broader effort to diversify ACME's debt portfolio, ultimately enhancing the company's stability and competitiveness in the renewable energy sector.

(With inputs from agencies.)