ACME solar gets Rs 2,647 crore financing from REC for renewable energy projects
Clean energy firm ACME Solar has secured long-term project financing worth Rs 2,647 crore from state-owned lender REC Ltd. The financing will help in the development of the 450 MW/1,800 MWh Firm and Dispatchable Renewable Energy (FDRE) project.
The firm will construct the ACME Greentech Seventh Assured Peak Power Project. It combines solar power and battery energy storage systems (BESS) to deliver assured peak power, improving the predictability and dispatchability. The project is backed by a 25-year power purchase agreement (PPA) signed with SJVN Ltd. at a tariff of Rs 6.74 per unit.
REC is the sole lender for the project for a period of 20 years.
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