Renewable energy player ACME Solar raises Rs 1,072-Cr

Gurugram-headquartered ACME Solar has raised INR 1,072 crore in domestic project finance facilities. This will be used by the company to refinance its 250-MW operational solar project in Rajasthan. The financing was arranged through its subsidiary ACME Aklera Power Technology Private Ltd and will reduce the company’s financing cost to 8.5% per annum.This 18-year tenure facility was arranged through a consortium led by Bank of America and Standard Chartered Bank. The company also has raised INR 4,575 crore through refinancing in the last 6 months, with the aim to reduce overall financing costs and improve the company’s credit profile.Founded by Manoj Kumar Upadhyay, ACME Solar is a renewable energy equipment manufacturer and the largest solar power developer in the solar PV (photovoltaics) vertical.