Indian company ACME Solar has obtained Rs34bn ($355m) in long-term financing from the Power Finance Corporation (PFC) to develop and construct the ACME Urja One (Phase – III) 250MW Fully Dispatchable Renewable Energy (FDRE) project.
PFC will act as the sole lender for the project, providing a loan with a repayment period of 19 years.
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The power purchase agreement (PPA) for the ACME Urja One (Phase-III) project was concluded with NHPC for a duration of 25 years, at a tariff of Rs4.33 per unit.
This tariff has already received approval from both state and central regulators.
The hybrid project will use wind, solar and battery energy storage system (BESS) technologies to meet supply requirements and increase both the predictability and reliability of power dispatch.
The project locations span Jamkhambhaliya in Devbhumi Dwarka, Gujarat, and Fategarh-II in Jaisalmer, Rajasthan.
According to the company, land acquisition and grid connectivity have already been secured.
Construction is progressing as planned, with commissioning targeted for next year.
ACME Solar stated that with this funding milestone, its total project finance raised during the current financial year has reached Rs60bn.
ACME Solar’s portfolio includes 8.07GW across wind, solar, storage, FDRE and hybrid solutions.
Of this, 2.99GW are operational and under contract, while around 3.62GW-hours of BESS capacity and 5.08GW are under construction under contracted capacity.
The company’s under-construction PPA-signed portfolio currently stands at 3.88GW.
In March, ACME Solar and its subsidiaries commissioned an additional 155MW/470.25MW-hours of BESS capacity in Rajasthan. The new installations were connected to the state’s inter-state transmission network.
