ACME Solar Secures INR 3,184 Cr Funding from REC

ACME Hybrid Urja Pvt Ltd. has secured long-term project financing of INR 3,184 crore from REC Ltd. for the development and construction of a 280 MW Firm and Dispatchable Renewable Energy Project (FDRE), contracted with NHPC. 

REC will serve as the sole lender for this project, thereby provided long-term financing for 18 years.  This is REC's third financing initiative of  ACME Solar’s FDRE project, following the financing of two other FDRE projects, earlier this year, with a cumulative capacity of 570 MW. These financing initiatives underscore the strong confidence of leading lenders like REC in ACME’s project development and execution capabilities. 

The company signed a 25- year Power Purchase Agreement (PPA) with NHPC at a tariff of INR 4.64/Unit. This project combines multiple renewable energy technologies including, Solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensures higher predictability and dispatchability. Designed to meet a minimum annual CUF of 40 percent and peak hours availability of 90 percent every month, the project will contribute significantly to reducing greenhouse gas (GHG) emissions and the country’s energy transition goal.