ACME Solar’s Subsidiary Secures ₹3,184 Crore Funding from REC and Partners with NHPC on PPA

Key Takeaways

ACME Hybrid Urja has secured ₹3,184 crore in funding from REC Ltd for a 280 MW Firm and Dispatchable Renewable Energy project.
The project integrates renewable technologies, including solar and battery storage, and has a 25-year Power Purchase Agreement with NHPC.
ACME Solar Holdings is a leading renewable energy producer in India with a total operational capacity of 2,890 MW.

Funding Secured for Renewable Energy Project

ACME Solar Holdings announced that its subsidiary, ACME Hybrid Urja, has obtained ₹3,184 crore in project financing from REC Ltd, a state-owned entity. This funding is designated for the development of a 280 MW Firm and Dispatchable Renewable Energy (FDRE) project. REC Ltd will act as the sole lender for this initiative, providing long-term financing over 18 years.

This marks REC Ltd’s third financing venture for ACME Solar’s FDRE projects this year, adding to earlier funding for two additional projects, which collectively have a capacity of 570 MW. A significant aspect of this project is the 25-year Power Purchase Agreement (PPA) signed with NHPC, set at a tariff of ₹4.64 per unit.

The project employs a combination of renewable energy technologies, notably solar and Battery Energy Storage Systems (BESS), to enhance supply reliability while ensuring higher predictability in energy dispatch. Key performance metrics for the project include a minimum annual Capacity Utilization Factor (CUF) of 40 percent and an availability of peak hours reaching 90 percent on a monthly basis. This endeavor is anticipated to greatly contribute to the reduction of Greenhouse Gas (GHG) emissions and support India’s broader energy transition goals.

ACME Solar Holdings is recognized as a fully integrated renewable energy firm in India, maintaining a diverse portfolio that encompasses solar, wind, storage, hybrid, and FDRE projects. The company ranks among the top 10 renewable energy Independent Power Producers in the country, boasting an operational capacity of 2,890 MW and an under-construction capacity of 4,080 MW, in addition to 550 MWh of standalone battery energy storage systems.

The content above is a summary. For more details, see the source article.