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ACME Solar to Raise Rs30 Billion as It Expands Financing Momentum

ACME Solar Holdings’ board has approved a fundraising plan of Rs30 billion, to be executed in one or more tranches through equity shares, equity-linked instruments, or securities. The capital may be raised via qualified institutional placement (QIP), further public offering, private placement, or a mix of these avenues.

This move follows ACME’s recent financing efforts to strengthen its renewable portfolio. Its subsidiary, ACME Hybrid Urja, secured Rs31.84 billion long-term project financing from REC for a 280 MW firm and dispatchable renewable energy (FDRE) project, marking REC’s third major investment in ACME’s FDRE portfolio. Earlier, REC had supported two projects totaling 570 MW.

In June, ACME’s Aklera Power Technology received ?10.72 billion in domestic project financing to refinance debt for its 250 MW operational solar project in Rajasthan. Additionally, in April, ACME obtained Rs24.91 billion refinancing from SBI and REC for 490 MW renewable projects in Andhra Pradesh, Rajasthan, and Punjab, benefiting from a reduced average interest rate of 8.8%.

Earlier, ACME Solar’s Rs29 billion IPO was oversubscribed 2.75 times, reflecting strong investor confidence. Recognized as one of India’s top utility-scale solar developers in 2024, ACME continues to consolidate its leadership with aggressive fundraising and expansion strategies.