Solar-Wind Company Secures Rs 3753 Crore Loan from REC Limited for FDRE Projects in Rajasthan and Gujarat
Major Loan Boost for Renewable Energy Projects
ACME Sun Power Private Limited, a subsidiary of ACME Solar Holdings Limited, has received a Rs 3,753 crore term loan from REC Limited. The funds will support a 320 MW Firm and Dispatchable Renewable Energy (FDRE) project in partnership with SJVN.
Strategic Locations for Solar and Wind Energy
The project will utilize high-resource areas in Jaisalmer, Rajasthan, for solar capacity and Bhuj and Jam Khambhaliya, Gujarat, for wind energy. Land acquisition is nearing completion, and the grid connection is secured. A Power Purchase Agreement (PPA) with SJVN is also finalized.
REC Limited’s Commitment
REC Limited is the sole lender for this project, reflecting confidence in ACME Solar's ability to execute large-scale projects. Recently, REC also financed another 250 MW FDRE project under ACME Surya Power Private Limited.
Boost to India's Renewable Energy Goals
These projects align with India’s renewable energy targets, focusing on sustainable and clean energy solutions. They strengthen the renewable energy portfolio of the nation, contributing to a greener future.
ACME Solar: A Leader in Renewable Energy
ACME Solar Holdings Limited is one of India’s largest independent renewable energy producers. The company has a commissioned portfolio of 2,719 MW across 12 states and a diversified portfolio in solar, wind, hybrid, and FDRE projects.
Future Prospects
Listed on November 13, 2024, ACME raised Rs 2,900 crore through its IPO. With its robust operational capacity and expanding projects, the company continues to lead in India's renewable energy space.
DSIJ offers a service 'Flash News Investment' with recommendations for Profit-making Ideas for You (Weekly) based on research and analysis to help subscribers make healthy profits. If this interests you, then do download the service details pdf here
Chairman’s Commentary:
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.