ACME Solar Holdings Limited has secured domestic funding of INR 1,100 crore for its subsidiary rated CRISIL AA- to refinance the existing debt and reduce financing cost by around 100 bps for its 300 MW renewable energy project in Rajasthan.
This project has an operational track record of about 6 months and consistently maintaining optimum CUF levels.
This refinancing has been secured from State Bank of India (SBI) for a tenure of approximately 17 years and is consistent with the company’s strategy to optimize financing costs across its portfolio and strengthen its credit profile through rating upgrades.
The Company has been able to improve its projects’ credit ratings by demonstrating strong commitment to financial discipline and stability. The reduced cost of debt enables ACME Solar to further strengthen its financial position as it pursues significant capacity growth over the next few years.
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions and an operational capacity of 2,890 MW.
With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.