ICRA Assigns ‘AA-/Stable’ Rating to ACME Solar

According to the Company, this is the highest credit rating received by Acme Solar to date from any credit rating agency.

October 01, 2025. By Abha Rustagi

ICRA has assigned ‘ICRA AA-/Stable’ credit rating for ACME Solar Holdings' Long-Term Non-Fund based bank facilities.

According to the Company, this is the highest credit rating received by Acme Solar to date from any credit rating agency, and this will potentially enable a reduction in the cost of debt for the Company and its subsidiaries.

ICRA attributes the rating to ACME Solar’s diversified portfolio across multiple locations and off-takers (primarily Central), revenue visibility from long-term PPAs, optimal generation performance, and comfortable debt coverage metrics.

The rating also reflects the company’s satisfactory track record in developing and stabilising renewable power projects over the years. In addition, ICRA notes the strengthening of the company’s financial profile post-IPO and the availability of equity funding to support its under-construction projects.

Recently, ACME Solar had also successfully raised INR 1,100 crore in domestic financing from the State Bank of India (SBI) for its 300 MW renewable energy project in Rajasthan. The proceeds will be used to refinance existing debt associated with the project, leading to an anticipated reduction in financing costs by approximately 100 basis points.

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ICRA AA-/Stable credit rating

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