ACME Solar Stock Hits Upper Circuit

18 Nov 2024 , 02:17 PM

Following the company’s subsidiary ACME Sun Power obtaining a Rs 3,753 loan from REC Ltd for FDRE Projects in Rajasthan and Gujarat, shares of the recently listed ACME Solar Holdings surged 10% to reach their upper circuit on the BSE today at Rs 251.90.

In an exchange filing, the company stated that it had obtained Rs 3,753 crore in term loan financing from REC Limited for the development and construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) project in partnership with SJVN. ACME Sun Power Private Limited is a wholly owned subsidiary of ACME Solar Holdings Limited.

The aforementioned project would be situated in regions with abundant solar resource potential, such as Jaisalmer, Rajasthan, Bhuj, and Jam Khambhaliya, Gujarat for wind sites.

The business also disclosed that grid connectivity has been acquired and a Power Purchase Agreement (PPA) has been inked with SJVN. The process of acquiring land for this purpose is well underway.

The fact that REC Limited will be the only lender for this project shows how confident it is in ACME Solar’s ability to carry out the project. ACME Surya Power Private Limited recently obtained project financing from REC Limited for a 250 MW FDRE project, according to the business.

For feedback and suggestions, write to us at [e-mail]