Shares of ACME Solar Holdings Ltd hit a 10% upper circuit on 18 November after the company announced that its subsidiary secured a loan worth Rs 3,753 crore. 

In its regulatory filing, the company said that the wholly-owned subsidiary of the company ACME Sun Power Private Limited, obtained term loan financing of Rs 3,753 crore from REC Limited for the development and construction of a 320 megawatt (MW) Firm and Dispatchable Renewable Energy (FDRE) projects in partnership with SJVN.

According to a statement by ACME Solar Holdings, the project will use high-resource potential areas, with wind sites in Bhuj and Jam Khambhaliya, Gujarat, and solar capacity in Jaisalmer, Rajasthan.

The founder and chairman of ACME Solar Holdings Limited, Manoj Kumar Upadhyay, stated, “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.” 

SJVN has already obtained grid access and a Power Purchase Agreement (PPA) has been incorporated. The business noted in a statement that the land acquisition process is also far along.

Additionally, because of its faith in ACME Solar’s ability to carry out the project, REC Limited is the project’s only lender.

Relatedly, REC Limited has provided funding for a 250 MW FDRE project to ACME Surya Power Private Limited, another FDRE project.

“These projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals,” said ACME Solar Holdings 

ACME Solar Holdings was established in 2015 and is a prominent participant in India’s renewable energy market, specialising in solar and wind energy projects. The business is involved in utility-scale renewable energy project development, construction, ownership, operation, and maintenance. 

At 3:32 pm, the shares of ACME Solar closed 10% higher at Rs 251.70 on NSE.

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