ACME Solar Holdings Limited has secured Rs 2,646.64 crore in long-term project funding from REC Ltd for its ACME Greentech Seventh 450MW/1800MWh Assured Peak Power Project, the company said Thursday.
The company will use the funds for the development and construction of the project, with REC Ltd serving as the sole financer for a tenure of 20 years.
PPA signed with SJVN for 25 years
The power purchase agreement (PPA) for the project was signed with SJVN Limited at a tariff of Rs 6.74 per unit for a period of 25 years, according to the press release enclosed with the exchange filing.
Project combines solar and battery storage
The ACME Greentech Seventh Assured Peak Power Project integrates multiple renewable energy technologies, including solar and Battery Energy Storage System (BESS), to meet supply obligations.
The company said the hybrid configuration ensures higher predictability and dispatchability of power supply.
ACME Solar is an integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions.
The company has an operational contracted capacity of 2,990 MW along with approximately 3.3 GWh of BESS capacity, and an under-construction contracted capacity of 5,080 MW, including approximately 18 GWh of BESS installation.
Its under-construction PPA-signed portfolio stands at 3,580 MW. The company operates an in-house EPC and O&M division for end-to-end project development.
