ACME Sun Power has secured a term loan worth Rs 37.53 billion from REC Limited. ACME Sun Power is a wholly-owned subsidiary of ACME Solar Holdings. The funds from the loan will be utilised for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project. The project is a collaboration between ACME Sun Power and SJVN.
The FDRE projects will be developed in Jaisalmer, Rajasthan and in Bhuj and Jam Khambhaliya in Gujarat as they are high resource potential areas. The FDRE plants will provide round-the-clock power supply, help the power distribution companies by fulfilling their renewable purchase obligations and energy storage obligations. The company has also signed a power purchase agreement with SJVN. Further, they have also secured grid connectivity. Land acquisition is in progress.
In November 2024, ACME Solar launched their initial public offering (IPO) in the market worth Rs 30 billion. Their price band was Rs 275 to Rs 289 per equity share and a face value of Rs 2 each.
In October 2024, ACME Solar Holdings entered into a power purchase agreement with the Solar Energy Corporation of India (SECI) for the supply of 150 MW hybrid solar power. Furthermore, ACME Solar Holdings was selected as a winner in Solar Energy Corporation of India’s (SECI) auction to develop 600 MW interstate transmission system (ISTS)- connected wind-solar hybrid power projects (Tranche IX). ACME was awarded 300 MW at a tariff of Rs 3.25 per kWh.
