RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

<p>Piramal Finance, a subsidiary of Piramal Enterprises, approved additional funding of Rs.7 billion (~$107.8 million) to ACME Solar Holdings. The funds were approved under a new product for the renewable energy sector, a Flexi Line of Credit, which aims to make a line of funding available to the borrower based on operational projects, and includes the flexibility to draw and repay during the tenure.</p>
<p>The deal was made through Corporate Finance Group (“CFG”) of Piramal Finance, according to a <a href="http://www.piramal.com/cms/data_content/press_release/PRESS_RELEASE_Piramal_Finance_Limited_20170705115525.pdf" target="_blank" rel="noopener noreferrer">company release</a>. Prior to this, Piramal Finance had provided ACME Solar Holdings for Rs.4.99 billion (~$76.8 million) in July 2016, in partnership with APG.</p>
<p>“Our first round of funding has already seen pre-payments taking place in a short span of time. We are pleased to offer the second round of funding to ACME Group with our unique Flexi Line of Credit as ACME has a strong track-record of execution, with projects spread across the country, which reduces the off-take risk, and has signed power purchase agreements for the complete portfolio,” stated Mr. Khushru Jijina, Managing Director, Piramal Finance.</p>
<p>“The current funding provides us with the required flexibility to invest in solar and electric transportation business and ensure timely completion of projects,” stated ACME Group Chairman and Managing Director, Mr. Manoj Kumar Upadhyay.</p>
<p>According to Mercom’s <em>India Solar Project Tracker</em>, ACME Solar has 696 MW of solar in operation and 1,090 MW of solar under development.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
</div>
<div class="authorboxn">
<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
</div></div><div class="clearfix"></div></div></div>

Piramal Finance Approves Providing ACME With Additional Rs.700 Crores

corporate-finance-group

Get the most relevant India solar and clean energy news.

RECENT POSTS