Latest news with #ACMEHybridUrja
Time of India
5 days ago
- Business
- Time of India
ACME Hybrid Urja secures ₹3,184 crore funding from REC
ACME Hybrid Urja , a wholly-owned subsidiary of ACME Solar, on Wednesday said it has secured a long-term project financing of ₹3,184 crore from state-run REC Ltd for its 280 MW firm and dispatchable renewable energy project. ACME has signed a 25-year power purchase agreement with NHPC at a tariff of ₹4.64 per unit. REC Ltd will be the sole lender for this project, providing an 18-year financing tenure. According to the press release, the project, which combines solar and battery energy storage system technologies, is designed to provide a reliable and predictable power supply. This hybrid approach allows the company to meet supply obligations and ensure higher predictability and dispatchability of power, crucial for grid stability. It added that the project is engineered to achieve a minimum annual capacity utilisation factor of 40 per cent and maintain a peak hours availability of 90 per cent on a monthly basis. This initiative is expected to play a vital role in reducing greenhouse gas emissions and contributing to India's ambitious energy transition goals. This marks the third time this year that REC has financed an ACME Solar FDRE project, bringing the cumulative capacity of these projects to 570 MW, added the official release.
Business Standard
5 days ago
- Business
- Business Standard
ACME Solar secures financing of Rs 3,184 cr for 280 MW FDRE project
ACME Hybrid Urja, a wholly owned subsidiary of ACME Solar Holding, has secured long-term project financing of Rs 3,184 crore from REC for the development & construction of a 280 MW Firm & Dispatchable Renewable Energy Project (FDRE), contracted with NHPC. REC will serve as the sole lender for this project thereby provided long-term financing for 18 years. This is REC's third financing initiative of ACME Solar's FDRE project following financing of two other FDRE projects, earlier this year, with a cumulative capacity of 0 MW. These financing initiatives clearly underscore the strong confidence of leading lenders like REC in ACME's project development & execution capabilities. The company signed a 2 year Power Purchase Agreement (PPA) with NHPC at a tariff of Rs 4.64 Unit. This project combines multiple renewable energy technologies including Solar and Battery Energy Storage System ( ESS) to meet the supply obligations and, ensures higher predictability and dispatchability. Designed to meet a minimum annual CUF of 40% and peak hours availability of 90% on a monthly basis, the project will contribute significantly to reducing greenhouse gas (GHG) emissions and to the country's energy transition goal.
