ACME Sun Power in collaboration with SJVN has secured INR 3,753-crore term loan financed by REC Limited for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project.
Nov 25, 2024
ACME Sun Power, a subsidiary of ACME Solar Holdings, in collaboration with SJVN, has secured an INR 3,753-crore term loan for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project. State-owned REC Limited has financed the loan serving as the sole lender for this project.
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An FDRE plant ensures power supply, assisting power distribution companies (discoms) in fulfilling their renewable purchase obligations and energy storage obligations.
According to the company, the project would be located at Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites.
A power purchase agreement has been signed with SJVN, and the acquisition process is in advanced stages.
Mr. Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, said, “We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition.”
