ACME Gets $363M REC Funding for 280MW FDRE Project
ACME Hybrid Urja, a subsidiary of ACME Solar Holding, has secured Rs31.84bn ($363 million) in long-term project financing from REC for a 280MW firm and dispatchable renewable energy (FDRE) project in India. REC will serve as the exclusive lender, providing 18-year financing.
Third REC-ACME Collaboration
This marks the third REC funding for ACME Solar’s FDRE projects, following earlier investments in two projects totaling 570MW. The new project is backed by a 25-year power purchase agreement (PPA) with state-owned NHPC at Rs4.64 per unit.
Advanced Renewable Integration
The project integrates solar power with a battery energy storage system (BESS) to ensure predictable and dispatchable energy supply. It will achieve at least 40% annual capacity utilisation factor (CUF) and guarantee 90% peak-hour availability monthly.
Boosting India’s Clean Energy Goals
By reducing greenhouse gas emissions, the project supports India’s renewable energy targets and its energy transition objectives. Recently, ACME signed battery energy storage purchase agreements (BESPAs) with NHPC for two BESS projects in Andhra Pradesh, totaling 275MW/550MWh.
