ACME Solar Secures ₹3,753 Crore Loan from REC for Renewable Energy Expansion

ACME Solar secures ₹3,753 crore from REC Ltd to develop 320 MW of firm and dispatchable renewable energy projects in Rajasthan and Gujarat, reinforcing India's renewable energy goals.

ACME Sun Power Private Ltd, a subsidiary of ACME Solar Holdings Ltd, has secured a ₹3,753 crore term loan from REC Ltd, a state-run infrastructure lender. The loan will fund the development and construction of firm and dispatchable renewable energy (FDRE) projects with a cumulative capacity of 320 MW, in collaboration with SJVN, a leading hydropower producer.

The projects, strategically located in high-resource potential areas, include solar power installations in Jaisalmer, Rajasthan, and windmill sites in Bhuj and Jam Khambhaliya, Gujarat. The Power Purchase Agreement (PPA) for the projects has already been signed with SJVN, grid connectivity is secured, and land acquisition is in advanced stages.

Strengthening India’s Renewable Energy Goals

ACME’s chairman and founder, Manoj Kumar Upadhyay, expressed gratitude for the financial assistance, stating, “This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition.”

The projects align with the Indian government’s ambitious renewable energy targets, enhancing the nation’s footprint in sustainable energy solutions. REC’s role as the sole lender underscores its confidence in ACME’s vision and execution capabilities.

Recent Developments and Achievements

This announcement follows REC’s recent financing of ACME Surya Power Private Ltd’s 250 MW FDRE project, demonstrating the lender’s pivotal role in enabling renewable energy growth.

ACME Solar has been steadily expanding its portfolio. With 1,340 MW of operational capacity, 3,250 MW under construction, and 1,830 MW awarded in India, the company remains at the forefront of the renewable energy sector. Additionally, ACME Solar recently signed a PPA with Solar Energy Corporation of India (SECI) for a 150 MW hybrid project integrating energy storage solutions (ESS).

Driving the Green Energy Transition

The upcoming FDRE projects represent a critical step in delivering firm and reliable renewable energy, marking a significant contribution to the green energy transition. These projects will ensure a steady power supply by leveraging a combination of solar and wind energy, supported by advanced energy storage solutions.