ACME Venus Urja, a wholly-owned subsidiary of ACME Solar Holdings, has secured long-term project funding of Rs 3,892 crore from the State Bank of India for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project.
The repayment spread across 19 years, ACME Solar Holdings said in a statement on Thursday.
The FDRE project is being developed in Barmer, Rajasthan and is contracted with NHPC at a tariff of Rs 4.64/Unit.
The project would entail installing solar and Battery Energy Storage System (BESS) to meet the supply obligations and ensure higher dispatchability as per the Power Purchase Agreement (PPA) conditions.
The funding is significant as it represents the company's largest financing from State Bank of India (SBI) and also, represents SBI's first financing in ACME's FDRE projects, as per the company statement.
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio spanning solar, wind, storage, FDRE and hybrid solutions and an operational capacity of 2,890 MW.
