ACME Solar Holdings Limited (NSE:ACMESOLAR) announced on 16 July 2026 that it has secured Rs 2,646.64 crore in long-term project financing from REC Ltd for the development and construction of its ACME Greentech Seventh 450MW/1800MWh Assured Peak Power Project, a Firm and Dispatchable Renewable Energy (FDRE) project. REC Ltd will serve as the sole financer for this project over a 20-year term, with a Power Purchase Agreement already in place with SJVN Limited at a tariff of Rs 6.74 per unit for 25 years.
Key Highlights
- ACME Solar Holdings has raised Rs 2,646.64 crore in long-term project funding from REC Ltd for its ACME Greentech Seventh Assured Peak Power Project.
- The project has a capacity of 450MW of generation paired with 1,800MWh of Battery Energy Storage System (BESS) under the FDRE category.
- REC Ltd has been appointed as the sole financer for this project for a tenure of 20 years.
- A Power Purchase Agreement for the project has been signed with SJVN Limited at a tariff of Rs 6.74 per unit for a period of 25 years.
- The project integrates multiple renewable energy technologies, combining solar generation with BESS to ensure higher predictability and dispatchability of power supply.
- ACME Solar's total portfolio stands at 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions, with operational contracted capacity of 2,990 MW.
- The company's under-construction contracted capacity is 5,080 MW, including approximately 18 GWh of BESS installation.
About the Company
ACME Solar Holdings Limited (NSE:ACMESOLAR, BSE:544283) is an integrated renewable energy company headquartered at Plot No. 152, Sector-44, Gurugram, Haryana. The company develops, owns, and operates utility-scale renewable energy assets across solar, wind, hybrid, FDRE and storage-based solutions. It maintains an in-house Engineering, Procurement and Construction (EPC) division as well as an Operations and Maintenance (O&M) arm, enabling end-to-end project delivery. As of the announcement date, ACME Solar's total portfolio stands at 8,070 MW, with operational contracted capacity of 2,990 MW and approximately 3.3 GWh of BESS capacity already commissioned. The company is incorporated under CIN L40106HR2015PLC102129.
Announcement in Detail
ACME Solar Holdings Limited filed a voluntary press release with BSE Limited and the National Stock Exchange of India on 16 July 2026, disclosing that it has secured Rs 2,646.64 crore in long-term project funding from REC Ltd. The funds are earmarked specifically for the development and construction of its ACME Greentech Seventh 450MW/1800MWh Assured Peak Power Project. The announcement clarifies that this submission is voluntary and has not been made as a formal intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
REC Ltd, a state-backed infrastructure financing institution operating under the Ministry of Power, will act as the sole financer for this project over a 20-year period. The project already has a secured revenue arrangement: a Power Purchase Agreement has been signed with SJVN Limited, a central public sector enterprise engaged in power generation, at a fixed tariff of Rs 6.74 per unit for a tenure of 25 years. The 25-year PPA provides a long-duration revenue visibility framework for this particular asset.
The project is classified under the FDRE category, which requires the developer to deliver power in a firm and dispatchable manner to the grid. To fulfil this obligation, the ACME Greentech Seventh project integrates solar generation with a 1,800MWh BESS, combining multiple renewable energy technologies. This configuration is designed to ensure higher predictability of power output and improved dispatchability relative to conventional solar-only assets, according to the press release issued by the company.
Impact on Investors
Investors will note that the Rs 2,646.64 crore financing represents project-level debt secured by ACME Solar for a single asset under development. The disclosed terms indicate that REC Ltd, as sole financer for 20 years, provides structured long-tenure project finance, which is typical for large-scale renewable energy infrastructure. The filing shows that the corresponding PPA with SJVN Limited at Rs 6.74 per unit for 25 years provides contracted revenue visibility at the project level. Shareholders will observe that this financing arrangement advances construction of one of the company's under-construction assets, contributing to its stated pipeline of 5,080 MW under construction.
Since this financing is at the project subsidiary level (ACME Greentech Seventh), investors should note that the debt obligation sits within the specific project vehicle rather than directly at the holding company level, as is standard practice in renewable energy project finance structures. The filing does not disclose equity contribution quantum, project commissioning timelines, or consolidated balance sheet impact at the holding company level. Investors reviewing this announcement should assess the project's debt serviceability in the context of the company's overall portfolio scale of 8,070 MW and consult the most recent annual report and exchange filings for a consolidated view of the company's financial position.
Sector / Market Context
India's renewable energy sector has been a significant recipient of infrastructure financing, with the government targeting 500 GW of non-fossil fuel-based power capacity by 2030. REC Ltd, as a government-backed non-banking financial company under the Ministry of Power, has been a primary lender to the renewable energy and power infrastructure sector. According to publicly available REC Ltd disclosures, the institution has progressively expanded its loan book toward renewable energy assets, including solar, wind, and hybrid projects, in line with national policy priorities.
FDRE projects, which combine renewable generation with storage to deliver firm and dispatchable power, have gained traction in India following MNRE and CERC guidelines promoting grid stability. Central public sector offtakers such as SJVN Limited have been active signatories of PPAs for such projects, providing developers with investment-grade counterparty exposure. The 25-year PPA tenure signed with SJVN for this project is consistent with long-duration contracting norms observed across central government-linked renewable energy tenders in India.