ICRA Assigns AA-/Stable Rating for ACME Sikar Solar 300 MW Project
ACME Solar Holdings has secured an ‘ICRA AA-/Stable’ rating for its ACME Sikar subsidiary’s INR 1,209 crore debt, strengthening its balance sheet and paving the way for lower financing costs for its 300 MW solar project in Rajasthan.
February 06, 2026. By Mrinmoy Dey
This Rating will potentially enable in reducing ACME Sikar's financing cost by nearly 25 bps, which is over and above the rate reduction of 170 bps achieved via recent refinancing from Yes Bank, the company stated.
The ICRA Rating factors in ACME Sikar's 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI), thus eliminating the demand and pricing risks. Additional comfort is drawn from the strong credit profile of SECI, leading to a timely realisation of payments within 10 days of the bills issued.
The rating also reflects the competitive project cost of ACME Sikar and recent refinancing at a competitive interest rate and favourable financing terms, enabling the project to maintain a healthy cumulative debt service coverage ratio, the company said.
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