18 Nov 2024
Just days after its stock exchange listing, ACME Solar Holdings' subsidiary, ACME Sun Power, has secured a term loan of Rs 3,753 crore from state-owned REC Limited. The funding will support the development and construction of a 320 MW green energy project in partnership with SJVN.
The company notified the stock exchanges on Sunday that the projects would be situated in Jaisalmer, Rajasthan, for solar capacity, as well as in Bhuj and Jam Khambhaliya, Gujarat. It stated that a Power Purchase Agreement (PPA) has been signed with SJVN, and grid connectivity has been secured. Additionally, it mentioned that the land acquisition process is progressing rapidly.
REC Limited will be the exclusive lender for this project, it stated. Having been granted Maharatna status in 2022, REC provides financing across all sectors of power infrastructure. Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed his appreciation for REC Limited's support, saying, "We are grateful for this financial support, which strengthens the trust and confidence our lenders have in us."
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