ACME Hybrid Urja Private Limited, a wholly owned subsidiary of ACME Solar Holding, has secured long-term project financing of Rs 3,184 crore from PSU REC Limited for the development and construction of a 280 MW Firm and Dispatchable Renewable Energy (FDRE) project, contracted with NHPC.
In this, REC will act as the sole lender, providing financing for a tenure of 18 years.
This marks REC’s third financing initiative for ACME Solar’s FDRE projects, following earlier funding this year for two projects with a combined capacity of 570 MW.
The repeated support from REC highlights the lender’s strong confidence in ACME’s project development and execution capabilities.
ACME Hybrid Urja has signed a 25-year Power Purchase Agreement (PPA) with NHPC at a tariff of Rs 4.64 per unit. The project will integrate solar power and a Battery Energy Storage System (BESS) to ensure higher predictability and reliability in energy supply. It is designed to achieve a minimum annual Capacity Utilisation Factor (CUF) of 40 per cent and 90 per cent availability during peak hours each month.
On Wednesday, shares of ACME Solar Holdings fell as much as 1.36 per cent, touching an intraday low of Rs 282. Around 1 pm, the stock was trading at Rs 282.60, down 1.15 per cent on the NSE.
Meanwhile, REC’s stock rose nearly 1 per cent, hitting an intra-day high of Rs 388.70 from its previous close.
Similarly, shares of NHPC gained as much as 2.32 per cent to Rs 85.86.
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