ACME's Renewable Projects to Expand India's Clean Energy Footprint

CIOTechOutlook Team | Monday, 18 November 2024, 04:47 IST

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The renewable energy projects in India are ready to improve the country's renewable energy presence, offering eco-friendly energy solutions in alignment with the government's ambitious renewable energy targets, as per ACME statement. The company has obtained a term loan of ?3,753 crore from REC Ltd, a government infrastructure lender, for the creation of reliable renewable energy projects totaling 320 MW capacity, partnering with hydropower producer SJVN.

The development occurred shortly after ACME Solar was listed on the exchanges. According to the company's website, it currently has 1,340 MW of operational capacity, with an additional 3,250 MW under construction and 1,830 MW awarded in India.

In October, ACME Solar Holdings Ltd, via its subsidiary ACME Platinum Urja Private Ltd, entered into a power purchase agreement with Solar Energy Corporation of India (SECI) for a 150 MW hybrid project combining solar power with energy storage solutions (ESS).

Manoj Kumar Upadhyay, chairman and founder of ACME Solar Holdings Ltd, said: “We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition."

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