ACME Solar's 250 MW RE Project secures ICRA AA-/Stable Rating Upgrade

ICRA has upgraded the credit rating of the long-term loan facility of ACME Aklera Power Technology (AKPTPL), a wholly-owned subsidiary of ACME Solar Holdings to 'ICRA AA-/Stable' from 'ICRA A+/Stable'. The rating has been assigned to 250 MW renewable energy capacity located in Rajasthan for its INR 1,072 crore term loan facility from Bank of America, Standard Chartered Bank and India Infradebt.

ICRA cited strengthening of the credit profile of the parent – ACME Solar, robust revenue visibility, healthy generational performance and successful refinancing of its previous loan at favourable terms as key strengths for the rating upgrade.

The rating also reflects AKPTPL strong operational profile supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI). The fixed tariff for 25 years ensures long-term cash flow predictability, while SECI's track record of timely payments further enhances the credit profile.