ACME Solar Holdings, India’s leading renewable energy company and flagship business of the diversified ACME Group, has secured Rs. 2,491 crore long term project finance facility for project life of 18-20 years to refinance its existing debt facilities and reduce cost of financing of its 490 MW operational renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.

This refinancing of state counterparty projects has been secured from SBI and REC at a reduced weighted average interest rate of 8.8%. This has helped to improve the credit profile and obtain higher credit rating for Andhra Pradesh and Punjab entities under co-obligor structure.

This aligns well with the group's goal of credit upgrade and bringing overall interest cost down for all operational projects. The operational track record for AP (160 MW) and Punjab (30 MW) Project is around 9 years and Rajasthan (300 MW) is around 3 Years.

According to Purushottam Kejriwal, Chief Financial Officer, ACME Solar Holdings, “The refinancing initiative aligns with our strategy to create an efficient capital structure while consistently reducing cost of debt. We have been able to improve our projects’ credit ratings by demonstrating our commitment to financial discipline and stability. The reduced cost of debt enables us to further strengthen our financial position as we pursue capacity growth over the next three years.”

ACME Solar Holdings has an operational capacity of 2,540 MW capacity and a robust target of achieving 6,970 MW capacity within the next three years.