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ACME Solar Secures Rs1,072 Cr Refinancing for Rajasthan Project, Cuts Debt Cost

ACME Solar Holdings has secured a domestic project finance facility of Rs1,072 crore for its 250 MW operational solar project in Rajasthan, under its wholly-owned subsidiary ACME Aklera Power Technology Pvt. Ltd. The refinancing, with a tenure of 18 years, was arranged by a consortium led by Bank of America and Standard Chartered Bank. It reduced the financing cost by 95 basis points to 8.5% per annum, enhancing project viability and contributing to ACME’s broader goal of improving credit ratings and financial efficiency.

The project, with an 18-month operational track record, achieved a commendable capacity utilization factor (CUF) of 29.3% in FY25. This refinancing follows Rs4,575 crore worth of similar efforts over the past six months, as part of ACME Group’s strategy to optimize debt post-commissioning and diversify its lender base.

This move reflects growing confidence among international banks in India’s renewable energy sector and ACME Solar’s operational capabilities. Rajat Kumar Singh, Group CFO, emphasized that this step is aligned with the company’s broader strategy to build a cost-effective, resilient capital structure and enable capacity expansion in the coming years. The milestone also marked the entry of Standard Chartered as a project finance lender to the group.