ACME Sun Power secures Rs 3,753-cr term loan from REC

New Delhi: ACME Sun Power, a wholly-owned subsidiary of ACME Solar Holdings, has secured a Rs 3,753-crore term loan from state-owned REC Ltd.

The loan has been secured for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN.

Wholly-owned subsidiary ACME Sun Power Secures Rs 3,753 crore loan from REC for FDRE projects in Rajasthan and Gujarat, ACME Solar Holdings said in a statement on Sunday.

An FDRE plant ensures round-the-clock power supply, assisting power distribution companies (discoms) in fulfilling their renewable purchase obligations and energy storage obligations.

The project would be located at high resource potential areas at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites, the company said.

A power purchase agreement has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages, the company said.

Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, said, "We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India's green energy transition." ACME Solar Holding is one of the largest renewable energy producers and among the top 10 renewable energy players in India.