ACME Venus Urja Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited, has secured long-term project funding of INR 3,892 crore from the State Bank of India (SBI). The funding will be used to develop and construct a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project, with repayment spread across 19 years. The company explained that the funding is significant as it represents the company's largest financing from SBI and also represents SBI's first financing in ACME's FDRE projects.

Project Details and Location

The project is being developed in Barmer, Rajasthan, and is contracted with NHPC at a tariff of INR 4.64 per unit. The project entails installing solar and Battery Energy Storage Systems (BESS) to meet supply obligations and ensure higher dispatchability as per the PPA conditions.

Previous Funding Initiatives

In August this year, ACME Hybrid Urja Pvt Ltd, a subsidiary of ACME Solar Holdings, secured long-term project financing of INR 3,184 crore from REC. The funding will be used to develop a 280 MW Firm and Dispatchable Renewable Energy (FDRE) project contracted with NHPC. REC will serve as the sole lender for that project, thereby providing long-term financing for 18 years. This was REC's third financing initiative for ACME Solar's FDRE projects, following the funding of two other FDRE projects earlier this year, with a cumulative capacity of 570 MW.

Company Portfolio Status

During an investor call, the company mentioned that, as of Q1 FY26, ACME Solar has signed PPAs for 550 MW of FDRE and solar projects, as well as 550 MWh of standalone BESS projects. With this, its under-construction portfolio stands at 4080 MW plus 550 MWh of storage, and 55% of its portfolio has signed PPAs with offtakers.

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