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ACME Sun Power Secures ₹3,753 Cr Loan for Renewable Projects

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Synopsis:

ACME Sun Power, a subsidiary of ACME Solar Holdings, secures a ₹3,753 crore loan for 320 MW renewable energy projects in Rajasthan and Gujarat, aiming to bolster India’s renewable sector.

ACME Sun Power news today

ACME Sun Power Private Ltd, a key player under the umbrella of ACME Solar Holdings Ltd, has successfully secured a substantial loan amounting to ₹3,753 crore from REC Ltd. This funding is earmarked for the development and construction of firm and dispatchable renewable energy (FDRE) projects, demonstrating a significant stride in renewable energy advancement.

ACME SOLAR HOLDINGS LTD

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232.95-5.85 (-2.44 %)

Updated - 20 December 2024
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Key Takeaways:

  • Significant Loan for Renewable Projects: ACME has obtained ₹3,753 crore from REC Ltd.

  • Strategic Project Locations: Projects to be set up in Jaisalmer, Bhuj, and Jam Khambhaliya.

  • Capacity and Collaboration: Aiming for 320 MW capacity in collaboration with SJVN.

  • Enhancement of ACME Solar Holdings share price: Potential positive impact on ACME Solar Holdings share price due to expansion and investment.

The projects, boasting a combined capacity of 320 MW, will be strategically located in high-resource potential areas—Jaisalmer in Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat for wind energy sites. This initiative not only reflects ACME's commitment to enhancing the renewable energy sector but also aligns with India's ambitious goals for a green energy transition.

Also read: Adani Total Gas Faces 13% Gas Supply Cut from GAIL, Impact Looms

Project Details and Financial Strategy

The financing from REC, a state-run infrastructure lender, marks REC's continued trust in ACME’s capabilities, following another recent funding of a 250 MW FDRE project to ACME Surya Power Private Ltd. The current funding agreement positions REC as the sole lender, highlighting the significant scale and potential of the projects.

The planned renewable projects have already achieved critical milestones such as securing power purchase agreements with SJVN and ensuring grid connectivity. Moreover, the land acquisition process is reportedly in its advanced stages, setting a solid foundation for timely project execution.

Also read: Godrej Properties Denies Allegations Amid ED Fraud Investigation

ACME’s Renewable Energy Footprint

These developments come shortly after ACME Solar’s debut on the stock exchanges, a move that has potentially positioned the ACME Solar Holdings share price for further positive momentum. According to data from the company’s website, ACME Solar Holdings Ltd currently has an operational capacity of 1,340 MW. Additionally, projects amounting to 3,250 MW are under construction, with 1,830 MW awarded within India.

In a significant move last month, through its special purpose vehicle, ACME Platinum Urja Private Ltd, the company expanded its portfolio by signing a power purchase agreement with the Solar Energy Corporation of India (SECI) for a hybrid project. This project is set to integrate 150 MW of solar power with energy storage solutions, underscoring ACME’s innovative approach in the renewable sector.

As ACME Solar Holdings continues to expand its renewable energy projects, the ACME Solar Holdings share price is likely to reflect the growing investor confidence in the company’s strategic direction and its contribution to India’s sustainable energy goals.

Also read: China Withdraws Export Tax Rebate, Impacting NALCO, Vedanta, Hindalco

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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