ACME Solar secures ₹3,892 crore project funding from SBI for 400 MW FDRE project
The funding of ₹3,892 crore for a 400 MW FDRE project is a substantial financial injection, enabling the development of a large-scale renewable energy project and solidifying a key strategic partnership with SBI, which will significantly impact the company's growth and project pipeline.
The company secured a significant project funding of ₹3,892 crore from State Bank of India for a 400 MW FDRE project, which is its largest financing from SBI and SBI's first for FDRE projects, indicating strong financial backing and confidence in its projects.
ACME Solar Holdings Limited's wholly owned subsidiary, ACME Venus Urja Private Limited, has secured long-term project funding of ₹3,892 crore from State Bank of India (SBI). * The funding is for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project. * The repayment period for the funding is spread across 19 years. * This marks ACME's largest financing from SBI and represents SBI's first financing in ACME's FDRE projects. * The project is located in Barmer, Rajasthan, and is contracted with NHPC at a tariff of ₹4.64 per unit. * It will involve installing solar and Battery Energy Storage System (BESS) to meet supply obligations and ensure higher dispatchability.
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Acme Solar Holdings Limited filed this with the NSE as a statutory disclosure, categorised under fundraising. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Acme Solar Holdings Limited. Read the original for the full detail.