ACME Solar Holdings Ltd (ACME Solar) has secured INR 3,404.57 crore in long-term project financing from Power Finance Corp. Ltd (PFC) for the development and construction of its 250 MW firm and dispatchable renewable energy (FDRE) project under ACME Urja One Pvt Ltd (Phase III).
PFC will serve as the sole financer for this project with a repayment tenor of 19 years. The current funding milestone takes the overall project funding raised by the company during this fiscal to INR 6,051 crore. The project benefits from a 25-year power purchase agreement (PPA) signed with NHPC Ltd at a tariff of INR 4.33/kWh. The tariff is already approved and adopted by Central and State Regulator.
The ACME Urja One (Phase-III) FDRE project combines multiple renewable energy technologies including solar, wind and battery energy storage system (BESS) to meet the supply obligations and ensure higher predictability and dispatchability. It spans across Fategarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat, with necessary land and connectivity already in place.
ACME said the development of this project is progressing on schedule with commissioning expected next year.
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