ACME Solar secures INR 3,892 crore project funding for 400 MW FDRE Project from State Bank of India

ACME Venus Urja Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited has secured long term project funding of INR 3,892 crore from State Bank of India (SBI) for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project with repayment spread across 19 years. The funding is significant as it represents the company's largest financing from SBI and also, represents SBI's first financing in ACME's FDRE projects.

The project is being developed in Barmer, Rajasthan and is contracted with NHPC at a tariff of INR 4.64/Unit. The project would entail installing solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensure higher dispatchability as per the PPA conditions.

Shares of ACME Solar Holdings Limited was last trading in BSE at Rs. 313.15 as compared to the previous close of Rs. 302.30. The total number of shares traded during the day was 223339 in over 4896 trades.

The stock hit an intraday high of Rs. 317.90 and intraday low of 305.00. The net turnover during the day was Rs. 69643687.00.

Source : Equity Bulls

Keywords

ACMESolarHoldings INE622W01025 ACMEVenusUrja ProjectFunding SBI