ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, has secured a ₹37.53 billion (~$444.68 million) loan from REC Limited to develop 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN.

The project is located in high-resource potential regions, with the solar capacity situated in Jaisalmer, Rajasthan, and wind power generation at Bhuj and Jam Khambhaliya in Gujarat. A Power Purchase Agreement (PPA) has been signed with SJVN, and grid connectivity for the project is already in place. The land acquisition process is at an advanced stage.

REC is the sole lender for the ambitious project. This development follows another loan where ACME Surya Power, part of ACME Solar, secured financing from REC Limited for a 250 MW FDRE project.

SJVN floated the tender for the projects in June this year.

“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,” said Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings.

ACME Solar Holdings’ recently concluded ₹29 billion (~$344.85 million) initial public offering (IPO) was oversubscribed 2.75 times. Qualified institutional buyers led the demand, with a subscription rate of 3.54, followed by retail investors at 3.10 times and employees at 1.59. The non-institutional investors’ portion was subscribed to just 0.97 times.

The IPO consisted of a fresh issue of shares at ₹2 (~$0.023)/share, amounting to ₹23.95 billion (~$284.80 million). It also included an offer for sale shares at ₹2 (~$0.023)/ shares amounting to ₹5.05 billion (~$60.05 million) from ACME Cleantech Solutions.

ACME Solar Holdings was among the winners in SJVN’s auction to set up 1.2 GW interstate transmission system-connected solar power projects anywhere in India. ACME was awarded 300 MW at a tariff of ₹2.52 (~$0.0300)/kWh.