ACME Solar arm secures Rs 3,892 cr SBI loan for Rajasthan project; stock in focus

Shares of ACME Solar Holdings Ltd are in focus on Thursday as a wholly owned subsidiary, ACME Venus Urja Private Limited, secured long-term financing of Rs 3,892 crore from the State Bank of India (SBI) for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project in Barmer, Rajasthan. The repayment is spread across 19 years. This deal marks the company’s largest-ever funding from SBI and also represents SBI’s first financing in ACME’s FDRE projects.

The project, contracted with NHPC at a tariff of INR 4.64 per unit, will combine solar generation with a Battery Energy Storage System (BESS) to meet supply obligations and enhance dispatchability under the Power Purchase Agreement (PPA). ACME Solar shares are up nearly 10 per cent in the past one month and 51 per cent in the past six months.

ACME Solar Holdings is an integrated renewable energy company with a diversified portfolio spanning solar, wind, storage, FDRE, and hybrid solutions. With an operational capacity of 2,890 MW, the company leverages its in-house EPC and O&M divisions to execute projects end-to-end, ensuring timely, cost-effective delivery. Its focus on efficiency and performance has resulted in industry-leading CUFs and strong operating margins.

On a recent media article suggesting India has cancelled grid access for nearly 17 GW of delayed clean energy projects to prioritise connections for those that are operational or nearing competition, ACME Solar recently suggested that no revocation of any of the connectivity of projects of ACME Solar Holdings Ltd was in effect and that it has not received any information in respect to such revocation/ cancellation from CTUIL, which is currently in force. The media report had suggested that CTUIL had informed companies including Adani green, ReNew power, NTPC, Avaada Group, JSW Energy and ACME Solar, about such cancellations.