Days after listing, ACME Sun Power secures Rs 3,753 cr loan for projects in Rajasthan, Gujarat
ACME Solar Holdings' subsidiary ACME Sun Power has secured a Rs 3,753 crore term loan financing from state-owned company REC Limited for the development and construction of a 320 MW green energy projects in collaboration with SJVN.
The company informed stock exchanges on Sunday that the projects would be located in Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat.
A Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured, the company said in the statement. It added that the land acquisition process is in advanced stages.
REC Limited will serve as the sole lender for this project, it added. REC, granted Maharatna status in 2022, finances the entire range of power infrastructure sector
Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings Limited, expressed gratitude for REC Limited's support, stating, «We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders.»
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