The renewable energy project integrates multiple renewable technologies, including solar and a BESS. Credit: 106882997/Shutterstock.com.

ACME Hybrid Urja, a subsidiary of ACME Solar Holding, one of India’s leading renewable energy independent power producers, has secured long-term project financing of Rs31.84bn ($363m) from REC for the development and construction of a 280MW firm and dispatchable renewable energy (FDRE) project.

REC, an infrastructure finance company, will act as the exclusive lender for this project, providing 18-year long-term financing.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

This is the third time REC has provided funding for ACME Solar’s FDRE projects, following earlier investments in two projects with a combined capacity of 570MW.

ACME Hybrid Urja has entered a 25-year power purchase agreement with government-owned utility NHPC at a tariff of Rs4.64 per unit.

The FDRE project integrates multiple renewable technologies, including solar and a battery energy storage system (BESS), to enhance supply predictability and dispatchability.

The project will achieve a minimum annual capacity utilisation factor (CUF) of 40% and ensure peak hours availability of 90% on a monthly basis.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

It is expected to play a significant role in reducing greenhouse gas (GHG) emissions and advancing the country’s energy transition objectives.

The strategic financing from REC reflects the growing investor confidence in India’s renewable energy sector and reinforces the nation’s commitment to expanding clean and sustainable energy solutions, in line with the government’s ambitious renewable energy targets.

ACME Solar recently made battery energy storage purchase agreements (BESPAs) with NHPC for two standalone BESS projects in Andhra Pradesh, India, totalling 275MW/550 megawatt hours.

In July 2023, ACME Group announced that it had secured a debt facility of Rs40bn for its green hydrogen and ammonia project in Oman.

Power Technology Excellence Awards - Nominations Closed

Nominations are now closed for the Power Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Recognised with three 2025 Power Technology Excellence Awards, Hover Energy is at the forefront of intelligent microgrids and distributed renewables. Explore how its AI-enabled Microgrid Management System™ , strategic partnerships and networked microgrids are rebuilding the grid from the ground up for a more flexible, resilient energy future.

Discover the Impact