ACME Solar secures Rs 1,072 crore refinancing for 250 MW operational project in Rajasthan
ACME Solar Holdings
on Monday said it has secured a Rs 1,072-crore
domestic project finance
facility for its arm
ACME Aklera Power Technology
to refinance existing debt for its 250 MW operational project in Rajasthan.
The project has an operational track record of 18 months and achieved an annual
Capacity Utilisation Factor
(CUF) of 29.3 per cent in FY25, a company statement said.
ACME
Solar Holdings
has secured a domestic project finance facility of Rs 1,072 crore for its 100 per cent subsidiary ACME Aklera Power Technology Pvt Ltd to refinance existing debt and reduce financing cost by 95 basis points to 8.5 per cent per annum for its 250 MW operational project in Rajasthan, according to the statement.
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This refinancing of 18 years tenure has been secured from a consortium led by institutions, including
Bank of America
and
Standard Chartered Bank
, it stated.
This refinancing adds to the Rs 4,575 crore of refinancing completed over the past six months, in line with the group's plan to refinance projects post-operations, reduce its cost of debt, and improve its credit profile, it added.
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Rajat Kumar Singh, Group CFO of ACME Solar Holdings said, "The refinancing aligns with our strategy to create an efficient capital structure by reducing the cost of debt while diversifying our sources of fund and lending partners."
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