ACME Solar's 250 MW Renewable Energy Project secures 'ICRA AA-/Stable' Rating Upgrade

ICRA Limited has upgraded the credit rating of the long-term loan facility of ACME Aklera Power Technology Private Limited (AKPTPL), a wholly owned subsidiary of ACME Solar Holdings Limited to 'ICRA AA-/Stable' from 'ICRA A+/Stable'. The rating has been assigned to 250 MW renewable energy capacity located in Rajasthan for its INR 1,072 crore term loan facility from Bank of America, Standard Chartered Bank and India Infradebt Limited.

ICRA cited strengthening of the credit profile of the parent - ACME Solar, robust revenue visibility, healthy generational performance and successful refinancing of its previous loan at favourable terms as key strengths for the rating upgrade. The rating also reflects AKPTPL strong operational profile supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tari2 for 25 years ensures long-term cash flow predictability, while SECI's track record of timely payments further enhances the credit profile.

Shares of ACME Solar Holdings Limited was last trading in BSE at Rs. 287.60 as compared to the previous close of Rs. 298.00. The total number of shares traded during the day was 195491 in over 3982 trades.

The stock hit an intraday high of Rs. 305.50 and intraday low of 282.20. The net turnover during the day was Rs. 57260252.00.

Source : Equity Bulls

Keywords

ACMESolarHoldings INE622W01025 ACMEAkleraPowerTechnology RatingUpdate ICRA