ACME Solar Redeems $198 Crore Offshore Bonds via Domestic Refinancing
ACME Solar Holdings Limited has redeemed INR 198 crore of NCDs and $198 million (approx. ₹1,650 crore) of offshore dollar bonds through domestic refinancing. This has reduced borrowing costs by 150 basis points. The company has a total installed capacity of 1,000 MW and significant projects under development and construction.
The redemption of offshore bonds and NCDs indicates a positive financial restructuring. The reduction in borrowing costs is beneficial, but the direct impact on the company's immediate financial performance might be medium-term.
The company successfully redeemed its offshore bonds and NCDs through domestic refinancing, which is a positive financial move that reduces borrowing costs and optimizes the capital structure.
ACME Solar Holdings Limited has successfully completed the refinancing of its outstanding Non-Convertible Debentures (NCDs) through domestic avenues. The company has redeemed INR 198 crore of its existing NCDs, which were issued by its wholly-owned subsidiary, ACME Solar Holdings Limited. This move is part of the company's strategy to optimize its capital structure and reduce borrowing costs.
The company has also fully redeemed its offshore dollar bonds, amounting to $198 million (approximately ₹1,650 crore), through domestic refinancing. This redemption is a significant step in streamlining ACME Solar's financial operations. The company has stated that this long-term refinancing strategy has reduced the borrowing cost by approximately 150 basis points across its issuances.
ACME Solar's overall operational capacity has also seen expansion. The company has 12 Operational Solar Assets with 56% of the over-all capacity being tied up with Central Utilities viz. SECI and NTPC. Additionally, it has 450 MW of SPVs under the Restructured Group (RG) Structure. The company's total installed capacity is 1,000 MW, with a contracted capacity of 450 MW and approximately 3.62 GW of BESS capacity. Furthermore, ACME Solar has projects under construction with a capacity of 5,080 MW and is developing projects with a capacity of 2,990 MW.
ACME Solar Holdings Limited is a leading integrated renewable energy solutions provider. The company offers a diversified portfolio of solar, wind, storage, and hybrid solutions. Its services span the entire value chain, from project development to operations and maintenance.
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Acme Solar Holdings Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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