ACME Renewtech, a subsidiary of solar energy company ACME Solar Holdings, has secured  ₹19.88 billion (~$232.3 million) in term loan financing from the Power Finance Corporation (PFC) to fund a 300 MW solar-wind hybrid project.

The project’s solar component will be in Bikaner, Rajasthan, and the wind sites in Bhuj, Gujarat.

The project will operate with a debt-to-equity ratio of 80:20 to ensure financial stability and optimal capital utilization.

ACME has signed a power purchase agreement with NTPC to secure a stable revenue stream. It has fully procured land in Bikaner for the solar project.

The grid’s infrastructure is already in place to ensure energy integration with the power network.

The project is set to begin commercial operations by June 30, 2025. The project will utilize the interstate transmission system charges waiver.

Last month, ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, secured a ₹37.53 billion (~$444.68 million) loan from REC Limited to develop 320 MW Firm and Dispatchable Renewable Energy projects in collaboration with SJVN. The project’s solar capacity is in Jaisalmer, Rajasthan, and wind power generation at Bhuj and Jam Khambhaliya in Gujarat.

Recently, ACME Solar Holdings won the Solar Energy Corporation of India’s auction to develop 300 MW of ISTS-connected solar power projects (Tranche XVIII) for a tariff of ₹3.05 (~$0.0357)/kWh.

In November, ACME Solar Holdings’ ₹29 billion (~$344.85 million) initial public offering was oversubscribed 2.75 times. It proposes to use ₹17.95 billion (~$213.45 million) from the IPO proceeds for investment in its subsidiaries to repay/prepay, in whole or in part, of certain outstanding borrowings availed by its subsidiaries from the net proceeds and the remaining will be used for general corporate purposes.

ACME Solar has an aggregate under-construction contracted capacity of 3,250 MW, and under-construction awarded capacity of 1,730 MW.