REC's ₹3,184 Crore Loan Fuels ACME's 280 MW Project

Gurugram-based ACME Hybrid Urja, a wholly owned subsidiary of ACME Solar Holdings, has secured ₹3,184 crore in long-term project financing from REC Ltd for its 280 MW Firm and Dispatchable Renewable Energy (FDRE) project awarded by NHPC.

REC will serve as the sole lender, providing an 18-year loan. This marks REC’s third financing deal for ACME Solar’s FDRE portfolio, following support for two earlier projects totaling 570 MW.

The project, backed by a 25-year power purchase agreement (PPA) with NHPC at a tariff of ₹4.64/unit, combines solar generation with a battery energy storage system (BESS) to deliver high reliability and firm supply. It is designed to achieve a minimum annual capacity utilisation factor (CUF) of 40% and a monthly peak availability of 90%.

ACME Solar noted that the financing reflects strong lender confidence in its execution capabilities and highlights the growing momentum of India’s clean energy transition. The project is expected to significantly reduce greenhouse gas emissions and aligns with the government’s long-term targets for sustainable and scalable renewable energy solutions.

News by Rahul Yelligetti.