ACME Solar Holdings Limited has secured an A- (Stable) credit rating from ICRA for its ₹800 crore term loan facility, following the integration of the 1,200 MW Inter-State Transmission System (ISTS) solar project in Rajasthan. The company’s reporting for the FY 2024-25 period, finalized during the October 2025 timeline, also confirms the award of standalone Battery Energy Storage System (BESS) capacity and a standardized tariff for its Solar + Storage portfolio.
Project Specifications and Capacity Integration
The company has won bids for standalone BESS projects with a cumulative capacity of 275 MW / 550 MWh. These assets supplement the company’s 1,200 MW ISTS project, which was fully commissioned in January 2025. Located in the Fatehgarh hub of the Jaisalmer region, the 1,200 MW facility is one of India’s largest single-location solar projects, spanning approximately 4,400 acres.
Operational management of this capacity is executed through four Special Purpose Vehicles (SPVs): ACME Deogarh, ACME Phalodi, ACME Raisar, and ACME Dhaulpur. Over 75% of the company’s operational portfolio is currently situated in Rajasthan. To maintain these assets, the company utilizes bifacial modules and robotic cleaning systems, with the latter technology covering 88% of the total portfolio to reduce water consumption and optimize generation.
Power Purchase Agreement (PPA) and Tariff Metrics
ACME Solar has established a Power Purchase Agreement with the Solar Energy Corporation of India (SECI) for its Solar + Storage capacity. The directive sets the tariff at ₹3.42/kWh for this integrated capacity.
The agreement with SECI as the primary central off-taker reflects a strategic shift in the company’s counterparty profile. Central off-takers now account for 86% of the company’s 6,970 MW total contracted portfolio, a significant increase from the 67% share previously recorded in the operational mix. This shift toward central government-backed entities is intended to provide stable, long-term cash flows.
Financial Performance and Credit Rating Assignment
ICRA has assigned an A- (Stable) rating to the ₹800 Crore term loan. This follows the February 2025 upgrade by CRISIL to A+/Positive for the company’s overall credit profile. Additionally, the four SPVs comprising the 1,200 MW ISTS project (Deogarh, Phalodi, Raisar, and Dhaulpur) received a collective CRISIL AA-/Stable rating.
Financial performance for FY 2025 was marked by significant improvements in liquidity and debt management:
- Total Revenue (FY 2025): INR 15,752 million
- EBITDA: INR 14,055 million (89.2% margin)
- Net Debt to Net Worth: 1.7x (improved from 2.6x in FY 2024)
- IPO Capital Raise: INR 29,000 million (November 2024)
- Days of Sales Outstanding (DSO): 42 days
The reduction in DSO from 93 days in FY 2024 to 42 days is attributed to the recovery of dues from AP Discom following an APERC ruling. While the reported EBITDA margin reached 89.2%, the figure reflects the 1,200 MW ISTS project being only partially operational during the fiscal year. The company anticipates an annualized EBITDA run-rate of approximately INR 17,500 million to INR 18,000 million based on the current operational capacity.
Corporate Capacity and Future Targets
Post-March 31, 2025, ACME Solar commissioned an additional 350 MW of project capacity, bringing its total operational capacity to 2,890 MW. This is distinct from its total contracted capacity, which stands at 6,970 MW. The company maintains a corporate objective to reach 10 GW of operational contracted renewable energy capacity by 2030, driven by the expansion of hybrid technologies and grid-scale energy storage solutions.
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