ACME Hybrid Urja, a wholly owned subsidiary of ACME Solar Holding, has secured long-term project financing of Rs 3,184 crore from REC for the development & construction of a 280 MW Firm & Dispatchable Renewable Energy Project (FDRE), contracted with NHPC. REC will serve as the sole lender for this project thereby provided long-term financing for 18 years.
This is REC's third financing initiative of ACME Solar's FDRE project following financing of two other FDRE projects, earlier this year, with a cumulative capacity of 0 MW. These financing initiatives clearly underscore the strong confidence of leading lenders like REC in ACME's project development & execution capabilities.
The company signed a 2 year Power Purchase Agreement (PPA) with NHPC at a tariff of Rs 4.64 Unit. This project combines multiple renewable energy technologies including Solar and Battery Energy Storage System ( ESS) to meet the supply obligations and, ensures higher predictability and dispatchability. Designed to meet a minimum annual CUF of 40% and peak hours availability of 90% on a monthly basis, the project will contribute significantly to reducing greenhouse gas (GHG) emissions and to the country's energy transition goal. |