Gurgaon-based ACME Solar Holdings has secured a domestic project finance facility totaling ₹10.72 billion (~$128.38 million) for its wholly-owned subsidiary, ACME Aklera Power Technology. This facility will be used to refinance the debt associated with the company’s 250 MW operational solar project in Rajasthan.

The refinancing aims to decrease the project’s financing cost by 95 basis points to an annual rate of 8.5%. The Rajasthan project has been operational for approximately 18 months, with an annual capacity utilization factor of 29.3% in the financial year 2025.

The 18-year tenure refinancing was secured from a consortium of institutions, with Bank of America and Standard Chartered Bank leading the funding. This transaction follows ₹45.75 billion (~$548.50 million) in refinancing secured by the ACME Group over the past six months.

Bank of America was an existing lender to the ACME Group. This refinancing marks its and Standard Chartered Bank’s new role as a project finance lender to the group.

Rajat Kumar Singh, Group CFO of ACME Solar Holdings, emphasized the improvement in project credit ratings resulting from demonstrated financial discipline. He said the reduced debt cost will fortify the company’s financial standing as it pursues capacity expansion.

ACME Solar Holdings has a total renewable energy portfolio of 6,970 MW, comprising solar, wind, hybrid solutions, and firm and dispatchable renewable energy sources. Of this capacity, 2,826.2 MW is operational, and 4,143.8 MW is under various stages of implementation.

Recently, ACME Solar emerged as one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025.

In April this year, ACME Solar Holdings secured a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%.