ACME Solar Raises ₹2,300 Crore
Leading renewable power producer ACME Solar has raised ₹2,300 crore in debt from the National Bank for Financing Infrastructure and Development (NaBFID). The funding signals strong institutional appetite for clean energy and will support ACME's expanding project pipeline.
The recent debt infusion is part of a larger strategy to refinance existing liabilities, specifically to repay dollar-denominated bonds maturing this year that were issued by its subsidiary, India Cleentech Energy. This 15-year term loan, priced between 8% and 8.50%, is backed by the revenues of 12 of ACME's operational solar projects, providing the lender with repayment security. Gurugram-based ACME Solar has a rapidly expanding portfolio, which recently grew to a contracted capacity of 8,071 MW. Of this, approximately 2,918 MW are currently operational, with another 4,472 MW under construction, highlighting a significant pipeline of projects moving towards commissioning. The company has set a long-term goal to reach 10 GW of operational capacity by 2030. A significant portion of ACME's recent activity is concentrated in Rajasthan, a state with high solar irradiation. The company is actively commissioning large-scale Battery Energy Storage System (BESS) projects in the Jaisalmer and Jodhpur districts, with several hundred MWs of capacity coming online in phases. These storage projects are crucial for providing stable and dispatchable renewable power, addressing the intermittency of solar energy. Beyond power generation, ACME is vertically integrating its operations with a new 1.2 GW solar PV module manufacturing facility in Jaipur, Rajasthan, which has already commenced commercial operations. This move aligns with the 'Make in India' initiative and gives the company greater control over its supply chain for its extensive project pipeline. The National Bank for Financing Infrastructure and Development (NaBFID) is a specialized development financial institution established by the Indian government to support the country's ambitious infrastructure goals. By providing long-term, stable capital to sectors like renewable energy, NaBFID plays a critical role in bridging the financing gap for capital-intensive green projects. While Rajasthan is a major focus, ACME also has a presence in states closer to the national capital. The company has a 155 MW solar portfolio in Uttar Pradesh, including projects in the Jalaun and Mahoba districts. Additionally, it operates a 30 MW solar park in Punjab, which has been operational since 2016.
