ACME Solar gets ₹1,072 crore refinancing for its 250 MW project in Rajasthan

24 Jun 2025 , 11:32 AM

Acme Solar Holdings has secured a ₹1,072 crore refinancing deal for its 250 MW operational solar project in Rajasthan, the company announced on Monday, June 23. The refinancing will help reduce borrowing costs by 95 basis points, bringing the interest rate down to 8.5% per annum.

The loan facility, arranged through its subsidiary ACME Aklera Power Technology, replaces the company’s earlier debt with more favorable terms. The solar project, which has been operational for 18 months, reported a Capacity Utilisation Factor (CUF) of 29.3% in FY25, underscoring its efficiency and consistent generation performance.

The financing has been arranged for a long-term tenure of 18 years and comes from a consortium of international lenders, led by Bank of America and Standard Chartered Bank. Bank of America was already an existing partner for Acme, reflecting continued confidence in the company’s performance and growth strategy.

This transaction marks another major step in Acme Solar’s refinancing journey, adding to over ₹4,575 crore in debt restructuring completed in the past six months. The company has been steadily realigning its capital structure to lower financing costs and diversify its base of lending institutions.

Rajat Kumar Singh, Group CFO of Acme Solar, said the move aligns with the company’s broader financial roadmap. “We are committed to building an efficient capital structure while expanding our pool of lending partners. The reduced cost of debt enhances our financial strength as we gear up for the next phase of capacity growth,” he said.

The latest refinancing underscores growing global interest in India’s renewable sector and investor confidence in Acme Solar’s ability to execute and operate at scale.

Earlier in May, CEO Nikhil Dhingra expressed confidence in the company’s long-term outlook. In an interview with CNBC-TV18, he noted that Acme expects to reach its ₹7,000 crore EBITDA goal well before 2030, driven by strong capacity additions, improved price realization, and operational efficiencies.

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