ACME Solar has obtained long-term project financing of $164m (Rs15.71bn) from the India Infrastructure Finance Company (IIFCL) to develop a 300MW assured peak power project in Rajasthan, India.

This funding marks the first instance in which IIFCL will act as the sole lender on a greenfield project for ACME Solar, offering a repayment tenor of 19 years.

It is set to support the construction and installation of the 300MW ACME Renewtech Sixth facility, which will integrate solar power generation and a battery energy storage system.

The plant’s design includes 1.35GW-hours (GWh) of battery storage, a feature intended to provide consistent peak power as stipulated in the power purchase agreement (PPA).

The project brings ACME’s total funding for the current fiscal year to Rs109.7bn.

ACME Solar has entered a 25-year PPA with SECI, securing a tariff of Rs6.28 per unit for energy supplied from this site.

The total capital expenditure for the facility stands at approximately Rs21.23bn.

Progress on the project includes established grid connectivity, with work on the pooling substation and dedicated transmission line reported to be in advanced stages.

ACME Solar states that land acquisition is largely complete, positioning the project for completion in line with construction timelines.

The Rajasthan-based plant is part of ACME Solar’s wider programme to deploy capital into battery-storage linked renewable assets in the current financial year.

The company has highlighted its approach of developing hybrid projects featuring both renewables and storage to meet supply obligations under its contractual agreements.

ACME Solar manages a diversified renewable energy portfolio of 8.37GW, including operational and under-construction assets across solar, storage, wind and hybrid technologies.

In July 2026, ACME Solar secured Rs34bn in long-term funding from Power Finance Corporation for the development and construction of the ACME Urja One (Phase III) 250MW Fully Dispatchable Renewable Energy project.