ACME Solar Holdings Ltd.'s subsidiary ACME Venus Urja Pvt. Ltd. has secured project funding of Rs 3,892 crore from State Bank of India. ACME Solar plans to use the funds to develop and construct a 400 megawatt firm and dispatchable renewable energy (FDRE) project in Rajasthan, the company said in a press release on September 11.
At 10:46 am on September 11, ACME Solar shares on NSE were trading 2% higher at Rs 308.65 apiece.
The 52-week high of the stock is Rs 318 and 52-week low is Rs 167.75. Its market capitalisation is Rs 18,670 crore.
The funding is significant as it represents the company’s largest financing from SBI and also, represents SBI’s first financing in ACME’s FDRE projects, said the company.
The loan from SBI is to be paid back across 19 years, the company said. The project is being developed in Barmer, Rajasthan, and is contracted with NHPC Ltd. at a tariff of Rs 4.64 per unit. As part of the project, the company will install solar and battery energy storage systems to meet their supply obligations.
The project would entail installing solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensure higher dispatchability as per the PPA conditions.
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions and an operational capacity of 2,890 MW.
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