ACME Solar has secured ₹2,646.64 crore in long-term project financing from REC Ltd for its ACME Greentech Seventh 450 MW/1,800 MWh Assured Peak Power Project. The funding will support the development and construction of the project, with REC Ltd acting as the sole lender over a tenure of 20 years.
The project operates under a 25-year Power Purchase Agreement (PPA) signed with SJVN Limited at a tariff of ₹6.74 per unit. Designed as a Firm and Dispatchable Renewable Energy (FDRE) project, it integrates solar power generation with a Battery Energy Storage System (BESS) to ensure reliable power supply, enhanced predictability and improved dispatchability. The financing marks another milestone in ACME Solar’s expansion strategy as the company continues to strengthen its portfolio of integrated renewable energy projects.
REC Limited is a leading public sector financial institution in India, focused on financing power sector development and supporting the country’s energy transition. Established in 1969, REC provides financial assistance to state electricity boards, power utilities, renewable energy developers and infrastructure companies for projects across generation, transmission, distribution and clean energy.
As a Maharatna Central Public Sector Enterprise under the Ministry of Power, Government of India, REC plays a key role in strengthening India’s power infrastructure and enabling access to reliable electricity. The company has also expanded its focus on renewable energy, electric mobility, energy storage and emerging technologies, aligning its growth strategy with India’s sustainability and decarbonisation goals.
ACME Solar Holdings Limited is one of India’s leading integrated renewable energy companies, with a diversified portfolio of 8,070 MW spanning solar, wind, hybrid, storage and FDRE solutions. The company has an operational contracted capacity of 2,990 MW, while 5,080 MW of contracted capacity is currently under construction, including approximately 18 GWh of Battery Energy Storage System (BESS) installations.
Its under-construction portfolio includes 3,580 MW backed by signed Power Purchase Agreements. With in-house engineering, procurement and construction (EPC) and operations and maintenance (O&M) capabilities, ACME Solar delivers end-to-end project execution while maintaining operational efficiency, high plant performance and industry-leading capacity utilisation and operating margins.
