ACME Solar's Landmark Rs 3,892 Crore SBI Funding Ignites Renewable Energy Future

In a significant boost to India's burgeoning renewable energy sector, ACME Jodhpur Solar Power Private Limited, a wholly-owned subsidiary of ACME Solar Holdings Ltd, has successfully secured a monumental project funding of Rs 3,892 crore from the State Bank of India (SBI). This landmark financial injection is set to power the development of a critical 300 MW solar power project located in the sun-drenched region of Rajasthan, marking a pivotal step in ACME Solar’s ambitious journey towards a greener future.

The news reverberated positively across the market, sending ACME Solar's shares soaring by over 2%, underscoring investor confidence in the company's growth trajectory and its commitment to sustainable energy.

The funded project, strategically located in Rajasthan, will be seamlessly integrated into the Inter-State Transmission System (ISTS) network, ensuring efficient power distribution across the country.

A robust Power Purchase Agreement (PPA) is already in place with the Solar Energy Corporation of India (SECI) for a period of 25 years, at a competitive tariff of Rs 2.44 per unit. This long-term agreement provides stability and predictability for the project's revenue streams, further solidifying its financial viability and attractiveness.

This substantial funding from SBI, a cornerstone of India's banking sector, highlights the increasing confidence of financial institutions in large-scale renewable energy ventures.

It is not just a financial transaction but a testament to the nation's collective push towards reducing carbon footprint and achieving energy independence. The 300 MW project is an integral part of a larger 1 GW project awarded to ACME Solar by SECI, showcasing the company's significant contribution to India's ambitious renewable energy targets.

ACME Solar Holdings Ltd has consistently demonstrated its prowess in the renewable energy domain, with an operational capacity already exceeding 2.2 GW.

The company is aggressively pursuing its grand vision to commission 5 GW of solar projects by 2025, a goal that this latest funding brings significantly closer to realization. Each new project commissioned by ACME Solar translates into a tangible reduction in carbon emissions and a step forward in harnessing the abundant solar potential of India.

The successful securing of this massive financing package from SBI underscores ACME Solar's robust project execution capabilities and strong financial prudence.

It serves as a powerful affirmation of the company's strategic direction and its vital role in shaping India's sustainable energy landscape. As the nation continues its rapid transition towards clean energy, ACME Solar stands as a frontrunner, illuminated by the promise of a brighter, cleaner future for all.