New Delhi New Delhi: Days after getting listed on the stock exchanges, ACME Sun Power, a subsidiary of ACME Solar Holdings, has acquired Rs 3,753 crore from state-owned REC Ltd to develop and construct 320 MW of green energy projects in collaboration with SJVN. Has secured term loan financing of Rs. crore. The projects will be located at Jaisalmer in Rajasthan and Bhuj and Jam Khambhaliya in Gujarat for solar capacity, the company informed the stock exchanges on Sunday. A power purchase agreement (PPA) has been signed with SJVN and grid connectivity has also been secured, the company said in the statement. It said the land acquisition process is in advanced stages. It said REC Ltd will act as the sole lender for the project. REC to achieve Maharatna status in 2022, finances entire gamut of power infrastructure sector
Manoj Kumar Upadhyay, Chairman and Founder, ACME Solar Holdings Limited expressed his gratitude for the support of REC Limited, saying, “We are pleased to receive this financial assistance, which strengthens the trust and confidence of our lenders.” “This financing is an important step in strengthening our commitment to building world-class FIRM and Dispatchable Renewable Energy (FDRE) renewable energy projects and contributing to India’s green energy transition,” Upadhyay said. These projects are set to increase India's renewable energy footprint, providing sustainable and clean energy solutions in line with the government's ambitious renewable energy goals.
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