ACME Solar secures Rs 3,892 crore funding from SBI for 400 MW FDRE Project
ACME Solar Holdings, through its wholly-owned subsidiary ACME Venus Urja, has secured a significant long-term project funding of Rs 3,892 crore from the State Bank of India (SBI).
The financing will be used for the development and construction of a 400 MW Firm and Dispatchable Renewable Energy (FDRE) project in Barmer, Rajasthan.
The project is being developed under a Power Purchase Agreement (PPA) with NHPC at a tariff of Rs 4.64 per unit.
The FDRE model is designed to provide a more stable and reliable power supply from renewable sources by integrating solar power with a Battery Energy Storage System (BESS).
The funding is a notable milestone for both companies, as it represents SBI's first financing for an FDRE project and the largest financing received by ACME from the bank.