Gurgaon-based independent power producer ACME Solar Holdings has secured domestic funding of ₹11 billion (~$124.57 million) from the State Bank of India (SBI) to refinance the existing debt of its 300 MW renewable energy project in Rajasthan. The refinancing is intended to lower the financing cost by approximately 100 basis points.

The 300 MW project has been operational for approximately six months and has consistently maintained optimum capacity utilization factor levels, reflecting stable generation performance.

The loan from SBI has a tenure of around 17 years.

ACME stated that this move is part of its broader effort to demonstrate financial discipline and stability, which has helped secure better credit ratings for its projects. By lowering the cost of debt, the company will have increased financial flexibility to expand operations and invest in new clean energy projects.

ACME Solar Holdings has built an operational renewable energy portfolio of 2,890 MW. It operates in the solar, wind, storage, firm, and dispatchable renewable energy (FDRE), as well as hybrid solutions sectors.

The company’s total portfolio under management stands at 6.97 GW. Within this, solar projects contribute 3,440 MW. The hybrid and FDRE segment, which combines solar, wind, and battery energy storage systems, accounts for 3,380 MW. The company also operates 150 MW of standalone wind power capacity.

In addition to power generation assets, ACME Solar is expanding into manufacturing and green fuels. The company is establishing a 1.2 GW solar module manufacturing facility in Jaipur.

Recently, ACME Solar Holdings executed a share purchase agreement to acquire 100% of the equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million).

Earlier this month, ACME Solar Holdings received a letter of award from Tata Power Company’s distribution arm, Tata Power-D, for developing a 50 MW firm and dispatchable renewable energy project, with a tariff of ₹4.43 (~$0.051)/kWh.