ACME Solar Holdings upgraded to “CRISIL AA-/Stable” Rating
As the highest ratings upgrade for the company, the CRISIL Ratings potentially enable ACME Solar to reduce its cost of debt across the company and its projects. This is the second AA-/Stable rating received by ACME Solar Holdings.
October 07, 2025. By News Bureau
This rating upgrade factors in healthy growth in ACME Solar’s operating portfolio, healthy execution track record, timely stabilisation of assets, and refinancing of its projects to lower cost of debt enabling improvement in operating cash flows.
Additionally, CRISIL has factored in PPAs/BESPAs signed for the under-construction portfolio comprising 2.84 GW of solar, FDRE, hybrid, and wind projects, along with a 550 MWh standalone BESS project, to be executed over the next two to three years through prudent capital allocation, and supported by a strong liquidity profile, with consolidated free cash and cash equivalents of over INR 1,400 crore (of which more than INR 800 crore are at the standalone level of ACME Solar).
This should support the future equity requirements of the company in timely execution of its projects. The CRISIL Ratings positively reflect the track record of development and operation of renewable power assets and above average financial profile supported by diverse portfolio of ACME Solar’s assets.
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