ACME Solar Redeems Offshore Dollar Bonds Through Domestic Refinancing

ACME Solar Holdings Ltd on Wednesday announced full redemption of offshore dollar bonds worth ₹2,147 crore through domestic refinancing. These bonds were issued in August 2021 by 12 operational special purpose vehicles totalling 450 MW capacity, stated a company statement.

ACME Solar has successfully completed the refinancing of ₹2,147 crore thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under Restricted Group (RG) Structure, the company said in a statement.

The total financing raised so far during the current fiscal to ₹8,198 crore, the statement added.

Restricted Group (RG) Structure comprises 12 Operational Solar Assets with 56%  of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various states offtakers.

RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID).

This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.

ACME Solar Holdings Ltd is a leading integrated renewable energy player with a diversified portfolio.