ACME Solar Holdings recently said it has secured ₹2,646.64 crore in long-term project financing from REC Ltd. for its 450 MW/1,800 MWh Assured Peak Power (Firm and Dispatchable Renewable Energy, or FDRE) project.
The financing has been raised by ACME Greentech Seventh and will be used to develop and construct the project. REC will be the sole lender, with the loan carrying a tenure of 20 years, the company said in a statement.
The project is backed by two 25-year power purchase agreements (PPAs) signed with SJVN Ltd. in March this year after ACME Solar emerged successful in the utility's Tranche-IV FDRE tender. The project will supply power at a tariff of ₹6.74 per unit.
The Assured Peak Power project combines solar power generation with a Battery Energy Storage System (BESS) to deliver firm and dispatchable renewable energy, enabling reliable electricity supply during peak demand periods.
The project will be connected to the Inter-State Transmission System (ISTS) and developed using ACME Solar's existing grid connectivity in Rajasthan's high solar irradiation zones. Under the PPAs, the company will provide four hours of assured peak power during non-solar hours while maintaining 90% monthly and annual availability.
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