ACME Solar's 250 MW Renewable Energy Project secures 'ICRA AA-/Stable' Rating Upgrade

ICRA Limited has upgraded the credit rating of the long-term loan facility of ACME Aklera Power Technology Private Limited (AKPTPL), a wholly owned subsidiary of ACME Solar Holdings Limited, to 'ICRA AA-/Stable' from 'ICRA At+/Stable'. The rating has been assigned to 250 MW renewable energy capacity located in Rajasthan for its INR 1,072 crore term loan facility from Bank of America, Standard Chartered Bank and India Infradebt Limited. The upgrade is due to the strengthening of the credit profile of the parent - ACME Solar, robust revenue visibility, healthy generational performance, and successful refinancing of its previous loan at favorable terms. AKPTPL's strong operational profile, supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI), also contributed to the rating upgrade.