CRISIL Assigns `CRISIL AA-/Stable` Rating to Long-Term Bank Facilities of ACME Solar 300 MW ISTS Project in Jaisalmer, Rajasthan
CRISIL Ratings has assigned 'CRISIL AA-/Stable’ rating to long-term bank facilities of ACME Dhaulpur Powertech Private Limited (“ADPPL”), wholly owned subsidiary of ACME Solar Holdings Limited (“Acme Solar”). This rating is assigned to 300 MW ISTS solar power project located in Jaisalmer, Rajasthan for its INR 990 crores term loan facility from Indian Renewable Energy Development Agency Limited (“IREDA”).
CRISIL cited robust revenue visibility, strong financial metrics & debt servicing capability, and a secure cash flow mechanism as key strengths underpinning AA-/Stable rating, one of the highest ratings accorded by the rating agencies. The rating reflects ADPPL’s strong operational profile supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff for 25 years ensures long-term cash flow predictability, while SECI’s track record of timely payments further enhances the credit profile. Further, CRISIL highlighted that project was delivered at an efficient capital cost and is currently delivering above predicted generation, further supporting project’s strong financial and operational outlook
Outlook: Stable
CRISIL has assigned a "Stable" outlook, reflecting the expectation of continued timely payments from SECI and stable operational performance from this recently commissioned project.
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