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ACME Solar secures Rs.2,647-Cr REC funding for 450 MW renewable project
Gurugram-based ACME Solar Holdings has raised INR 2,646.64 crore in 20-year project financing from REC. The financing was raised by ACME Greentech Seventh, a subsidiary of the firm.The firm is an energy company with a portfolio spanning solar, wind, hybrid, energy storage, and firm and dispatchable renewable energy (FDRE) solutions. It plans to use the funds for the development and construction of its 450 MW/1,800 MWh Assured Peak Power project. This project is backed by a 25-year power purchase agreement with SJVN, secured after the company won a utility tender.The project integrates solar power generation with a battery energy storage system to deliver dispatchable renewable energy. The firm currently manages a total portfolio of 8,070 MW, with 2,990 MW operational and 5,080 MW under construction.
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