ACME Solar today said it has secured INR 2,646.64 crore long-term project funding from REC Ltd for its 450MW/1800MWh ACME Greentech Seventh assured peak power project. The funds will be used for the development and construction of this project, with REC Ltd serving as the sole financer for the project for 20 years.
The 450MW/1800MWh project benefits from a power purchase agreement (PPA) signed with SJVN Ltd at a tariff of INR 6.74/kWh for a period of 25 years. It combines multiple renewable energy technologies including solar and battery energy storage system (BESS) to meet the supply obligations and ensure higher predictability and dispatchability.
ACME Solar Holdings is an integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, firm and dispatchable renewable energy (FDRE) and hybrid solutions. This includes an operational contracted capacity of 2,990 MW and 3.3 GWh of BESS capacity and under-construction contracted capacity of 5,080 MW including 18 GWh of BESS installation. The under-construction PPA-signed portfolio stands at 3,580 MW.
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