Financial Closure and Deal Overview
ACME Solar Holdings Limited has achieved financial closure on its 300 MW Rajasthan facility, securing a ₹1,571 crore (~₹15.71 billion) sole-lender greenfield project loan from India Infrastructure Finance Company Limited (IIFCL). The debt was issued to the company’s subsidiary, ACME Renewtech Sixth Private Limited, to fund the construction of an assured peak power facility in Bikaner. This transaction represents the first sole greenfield financing arrangement between IIFCL and ACME Solar.
Financial Architecture and Repayment Structure
The transaction is structured as a 19-year term loan. This repayment tenor is aligned against a 25-year Power Purchase Agreement (PPA) to minimize refinancing risk and ensure long-term cash flow visibility. Given the premium tariff of ₹6.28 per unit, the project is expected to yield higher EBITDA margins compared to conventional plain-vanilla solar assets.
The following table details the capital structure for the development:
| Financial Component | Value |
| Total Estimated Capital Expenditure | ₹2,123 crore |
| Loan Amount (IIFCL) | ₹1,571 crore |
| Percentage of Capex Covered | ~74% |
This agreement brings the total financing secured by ACME Solar in the current fiscal year to ₹10,976 crore, a significant increase from the ₹6,051 crore reported as of July 29, 2026. This fiscal momentum includes a ₹3,404.57 crore loan from Power Finance Corporation (PFC) for a 250 MW project, a ₹2,800 crore Qualified Institutions Placement (QIP) completed in June, and a ₹1,100 crore domestic refinancing facility from the State Bank of India (SBI) for a separate 300 MW Rajasthan asset.
Management has scheduled analyst and investor meetings for September 2 and 3, 2026, to discuss the company’s execution roadmap and financial triggers.
Technical and Commercial Specifications
The project utilizes a Firm and Dispatchable Renewable Energy (FDRE) model to meet peak power supply commitments and optimize grid stability.
- Commercial Model: Revenue is secured via a 25-year PPA with the Solar Energy Corporation of India (SECI) at a fixed tariff of ₹6.28 per unit.
- Technical Parameters: The facility integrates 300 MW of solar capacity with 1,350 MWh of Battery Energy Storage Systems (BESS). This storage component is strategically deployed to mitigate risks arising from transmission connectivity delays while generating cash flows in the interim period.
- Operational Status: The project is located in Kelan village, Bikaner, Rajasthan. Grid connectivity is currently operational, and land acquisition is substantially secured. Construction of the pooling substation and dedicated transmission lines has reached an advanced stage.
Entity Profiles and Regional Market Context
ACME Solar Holdings Limited
ACME Solar manages a diversified energy portfolio totaling 8,370 MW across solar, wind, storage, and hybrid technologies. The company currently operates 2,990 MW of contracted capacity. Following recent commissioning activities, the company’s operational BESS capacity has reached 4.16 GWh. The company utilizes in-house engineering, procurement, and construction (EPC) and operation and maintenance (O&M) teams to manage its under-construction pipeline of 5,380 MW.
India Infrastructure Finance Company Limited (IIFCL)
Established in 2006, IIFCL is a wholly-owned Government of India company. The entity is mandated to provide long-term financial assistance to viable infrastructure projects, supporting the national objective of non-fossil fuel energy expansion.
Regional and Industry Landscape
The project is situated in Rajasthan, which currently leads the Indian storage market with a 36% share of cumulative installed battery capacity. The development aligns with the broader industry transition toward FDRE models, which address grid integration challenges by utilizing storage systems to capture energy for deployment during evening peak hours. This shift is supported by structural policy drivers, including viability gap funding and custom-duty exemptions for battery components.
Leave a Comment