ACME Solar Secures ₹3,404.57 Crore PFC Funding for 250 MW FDRE Project in Rajasthan and Gujarat
ACME Solar Holdings Ltd has secured long-term project financing of ₹3,404.57 crore from Power Finance Corporation Limited (PFC) for its ACME Urja One Private Limited (Phase-III) 250 MW Firm and Dispatchable Renewable Energy (FDRE) project. PFC is acting as the sole lender, with a repayment tenure of 19 years to support the project's development and construction.
With this latest financial closure, ACME Solar's total project funding raised during the current fiscal year has reached ₹6,051 crore.
The power purchase agreement for the project has been signed with NHPC Limited for a period of 25 years at a tariff of ₹4.33 per unit, with the tariff already approved and adopted by the relevant central and state regulatory authorities.
The FDRE project integrates solar power, wind energy and a Battery Energy Storage System (BESS) to provide more predictable, round-the-clock power delivery compared to standalone renewable projects. It will be developed across two locations: Fategarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat. The company said the required land and grid connectivity are already in place.
ACME Solar said the project is on schedule and expects commissioning next year, adding to its growing portfolio of renewable energy assets.