Business
ACME Sun Power Secures Rs 3753 Crore Loan from REC Limited for FDRE Projects in Rajasthan and Gujarat
New Delhi, November 18, 2024: ACME Sun Power Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited, has secured Rs 3,753 crore term loan financing from REC Limited 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. Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages.
REC Limited will serve as the sole lender for this project, highlighting its confidence in ACME Solar’s project execution capabilities. Recently, another FDRE project, ACME Surya Power Private Limited, has secured project financing for a 250 MW FDRE project from REC Limited.
Mr. Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed gratitude for REC Limited’s support, stating, “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.”
These projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals.