CRISIL Assigns 'CRISIL AA-/Stable' Rating to Rs 2086 crore Long-Term Bank Facilities of ACME Deoghar & ACME Phalodi projects in Rajasthan
CRISIL Ratings has assigned 'CRISIL AA-/Stable’ rating to long-term bank facilities of ACME Deoghar Solar Power Private Limited (ADSPPL) and ACME Phalodi Solar Power Private Limited (APSPPL), both wholly-owned subsidiaries of ACME Solar Holdings Limited (“Acme Solar”). These ratings are assigned to its renewable energy projects in Rajasthan with a total capacity of 600 MW across both the projects and cumulative term loan facility of Rs 2086 crore from Power Finance Corporation Limited.
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 and APSPPL’s strong operational profiles 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 both projects were delivered at an efficient capital cost and is currently delivering above predicted generation (ADPPL ~31.3% and APSPPL ~30.9%), further supporting the company’s strong financial and operational outlook. Within six months of operations, ASHL’s all 4 assets commissioned in Fatehgarh Rajasthan, have secured “AA” family ratings from CRISIL opening the avenues of potential bonds and refinancings going forward.
Outlook: Stable
CRISIL has assigned a "Stable" outlook, reflecting the expectation of continued timely payments from SECI and stable operational performance from these projects.
ACME Deoghar Rating
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/AcmeDeogharSolarPowerPrivateLimited_July%2024_%202025_RR_368430.html
ACME Phalodi Rating
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ACMEPhalodiSolarEnergyPrivateLimited_July%2024_%202025_RR_368431.html
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