ACME Solar Holdings on Tuesday said it has raised Rs 1,100 crore in domestic funding from the State Bank of India for its 300 MW renewable energy project in Rajasthan.
The funds will be utilised to refinance the existing debt and reduce financing cost by around 100 bps for the Rajasthan project. This refinancing has been secured from the State Bank of India (SBI) for a tenure of approximately 17 years.
ACME Solar Holdings said the refinancing is consistent with the company’s strategy to optimize financing costs across its portfolio and strengthen its credit profile through rating upgrades.
The 300 MW renewable energy project in Rajasthan has an operational track record of about six months and has consistently maintained optimum capacity utilization factor (CUF) levels. The reduced cost of debt enables ACME Solar to strengthen its financial position further as it pursues significant capacity growth over the next few years.
ACME Solar Holdings is an integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, Firm and Dispatchable Renewable Energy (FDRE) and hybrid solutions and an operational capacity of 2,890 MW.
