ACME Solar secures INR 2,491 cr to refinance 490 MW projects in India

India-based ACME Solar Holdings, a renewable power generation company, hit an upper circuit of 5% at INR 201.90 after securing an INR 2,491 crore (~$ 291.92 million) long-term project finance facility. ACME Solar got funding from SBI and REC at an average interest rate of 8.8%. This money will be used to refinance 490 MW of working renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab. The Andhra Pradesh project is 160 MW and the Punjab project is 30 MW, both running for about nine years. The Rajasthan project is 300 MW and has been operating for around three years. The refinancing improved the credit profile and led to a credit rating upgrade for some entities under a co-obligor structure. ACME Solar currently operates 2,540 MW and aims to reach 6,970 MW in three years. The initiative supports financial stability and reduced debt costs.