Acme Solar Holdings secures Rs 1,988 crore loan from PFC to develop 300 MW hybrid project

New Delhi: Acme Solar Holdings on Thursday said it has raised Rs 1,988 crore from state-owned Power Finance Corporation (PFC) to fund a 300 MW hybrid project awarded to the company through a SECI auction.

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The project will be located in high-resource potential areas, with solar capacity to be developed in Bikaner, Rajasthan, and wind sites in Bhuj, Gujarat, Acme Solar Holdings said in a statement.

"ACME Renewtech Pvt Ltd, a subsidiary of Acme Solar Holdings, has successfully secured Rs 1,988 crore in term loan financing from PFC to fund the development and construction of a 300 MW solar-wind hybrid renewable energy project," the company said.

A power purchase agreement (PPA) has already been signed with NTPC, and grid connectivity for the project is in place, it added.

The land for the solar capacity has been fully procured.

Acme Solar further said it secured another 300 MW solar power project under the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per unit. The project is required to commence operations on or before June 30, 2025, as per the PPA terms.

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