Debt Debt financing
Renewable energy player ACME Solar raises Rs.2,491-Cr
Source ACME Solar (opens in a new tab)Business Standard (opens in a new tab)
Gurugram-headquartered ACME Solar has raised INR 2,491 crore in long term project finance. This will be used by the company to refinance its 490 MW operational renewable energy projects across Andhra Pradesh, Rajasthan and Punjab and to improve the credit rating of the group.The refinancing was obtained from SBI and REC at a weighted average interest rate of 8.8%.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.