ACME Solar secures INR 3,184 crore project funding for Hybrid Urja 280MW FDRE Project from REC Ltd
ACME Hybrid Urja Private Limited, a wholly owned subsidiary of ACME Solar Holding Limited, has secured long-term project financing of INR 3,184 crore from REC Limited for the development & construction of a 280 MW Firm & Dispatchable Renewable Energy Project (FDRE), contracted with NHPC. REC will serve as the sole lender for this project thereby provided long-term financing for 18 years. This is REC Ltd’s third financing initiative of ACME Solar’s FDRE project following financing of two other FDRE projects, earlier this year, with a cumulative capacity of 570 MW. These financing initiatives clearly underscore the strong confidence of leading lenders like REC Ltd in ACME’s project development & execution capabilities.
The company signed a 25 year Power Purchase Agreement (PPA) with NHPC at a tariff of INR 4.64 /Unit. This project combines multiple renewable energy technologies including Solar and Battery Energy Storage System (BESS) to meet the supply obligations and, ensures higher predictability and dispatchability. Designed to meet a minimum annual CUF of 40% and peak hours availability of 90% on a monthly basis, the project will contribute significantly to reducing greenhouse gas (GHG) emissions and to the country’s energy transition goal
This funding milestone not only reflects the growing confidence in India’s renewable energy sector but also reinforces the country’s commitment to scaling up clean and sustainable energy solutions, aligned with the government’s ambitious renewable energy targets.
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