Big boost to Acme Solar: Funding of Rs 4,725 crore, solar energy projects will get momentum

New Delhi. Acme Solar Holdings Ltd, a renewable energy generating company, has secured funding of Rs 4,725 crore from leading Indian financial institutions for renewable energy projects. The company said in a statement on Thursday that this includes financing and refinancing arrangements for a period of 18 to 20 years for the projects.

According to the statement, Acme Solar Holdings Limited (Acme Solar) has secured a loan agreement of Rs 4,725 crore from leading Indian financial institutions to finance renewable energy projects through its subsidiaries and optimize its capital structure by reducing financing costs. Under the new projects financing, the company has received Rs 2,716 crore from Power Finance Corporation Limited (PFC Limited). Financing of Rs 800 crore has also been obtained from the National Bank for Financing Infrastructure Development.

Under the refinancing, it has secured Rs 1,209 crore from Yes Bank for the existing 300 MW Acme Sikar solar project. This has enabled reduction in loan cost initially by 1.70 per cent and ultimately by 1.95 per cent. This is the first long-term refinancing by Yes Bank for Acme Solar.