Investment3 Apr 2025, 02:14 pm
ACME Solar Secures Rs 2,491 Crores Refinancing Facility to Reduce Debt Cost
AI Summary
ACME Solar Holdings, a leading renewable energy company, has secured a Rs 2,491 crore long-term project finance facility for its 490 MW operational renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab. The refinancing, secured from SBI and REC at a reduced weighted average interest rate of 8.8%, will help improve the credit profile and reduce the cost of financing for the projects. This aligns with ACME's goal of credit upgrade and overall interest cost reduction. The operational track record for the projects in AP and Punjab is ~9 years, and in Rajasthan is ~3 years.
Key Highlights
- ACME Solar Holdings secures Rs 2,491 crore long-term refinancing facility
- Refinancing secured from SBI and REC at a reduced interest rate of 8.8%
- Improvement in credit profile and higher credit rating for Andhra Pradesh and Punjab entities
- Alignment with the group’s goal of credit upgrade and bringing overall interest cost down
- ACME Solar Holdings is targeting 6970 MW capacity within the next three years