ACME Solar Holdings’ wholly owned subsidiary has secured Rs 3,753 crore term loan financing from REC Limited for a major renewable energy project.
ACME has further stated that “REC will serve as the sole lender for this project.”
On Sunday, November 17, the solar energy company ACME Solar stated in a regulatory filing that its subsidiary ACME Sun Power Private Limited has secured the loan for “the development & construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN.”
“The project would be located at high resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj & Jam Khambhaliya, Gujarat for wind sites,” the filing reads.
ACME Solar has further stated that “Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured.”
Meanwhile, land acquisition process is in advanced stages.
Moreover, recently, another FDRE project, ACME Surya Power Private Limited, has secured project financing for a 250 MW FDRE project from REC Limited, the company stated in a regulatory filing.
“We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. 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,” said Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited.
ACME Solar share price
On Thursday, the stock closed in the red at Rs 229 per share, down 24.50 points or -9.66% against the previous close of Rs 253.50 per share.
ACME Solar IPO
Recently, the shares of Acme Solar Holdings debuted on the stock exchanges on November 13, with a discount of 13.15% over the IPO price of Rs 289. The power stock got listed at Rs 251 on the NSE. However, on BSE, the stock got listed with a discount of Rs 10.4% at Rs 259. Acme Solar Holdings’ IPO garnered a decent response from investors with an overall subscription of just nearly 3 times at close.
