Acme Solar secures ₹2,646.64 cr REC funding for 450MW hybrid project
The 20-year sole-financier deal covers the 450MW/1800MWh Assured Peak Power Project at Jaisalmer. Revenue backed by 25-year PPA with SJVN at ₹6.74/unit.
— 1 earlier story on Acme Solar Holdings Ltd. →What's new
- Acme Solar secures ₹2,646.64 cr from REC Ltd for its 450MW/1800MWh solar-plus-storage project in Jaisalmer.
- Funding is 9.7% of market cap; sole financier for 20 years reduces financing risk.
- Project has 25-year PPA with SJVN at ₹6.74/unit; part of 5,080 MW under-construction portfolio.
Why this matters
The funding eliminates equity dilution for this asset at a time when the company is also pursuing an institutional placement. With a 25-year contracted tariff, the project's cash flows are locked in, reducing execution risk. At 9.7% of market cap, this is a material capital infusion that should lower debt concerns given the 2.31 debt/equity ratio.
What we're watching
- Drawdown schedule and timeline for financial close (not disclosed).
- Whether the institutional placement at floor ₹294.13 proceeds as planned.
- Progress on the remaining under-construction portfolio (5,080 MW total).
The full read
Acme Solar has locked in ₹2,646.64 crore in project funding from REC Ltd for its 450MW/1800MWh hybrid project in Jaisalmer. The 20-year sole-financier structure eliminates refinancing risk, and the 25-year PPA with SJVN at ₹6.74 per unit guarantees revenue. Nearly 10% of its ₹24,741 crore market cap. That is a material capital injection for a company carrying debt/equity of 2.31 and a trailing ROE of just 5.6%. The funding also removes the need to dilute equity for this asset at a time when Acme is already tapping institutional investors at a floor of ₹294.13, a clear positive for a stock trading at 49.6 times earnings. What remains is the drawdown schedule. For now, the company has demonstrated it can access large-scale debt on favourable terms for a contracted project.
Questions answered
- How much funding has Acme Solar secured and from whom?
- ₹2,646.64 crore from REC Ltd as sole financier for 20 years for its 450MW/1800MWh Assured Peak Power Project.
- What is the tariff and PPA duration?
- Fixed tariff of ₹6.74 per unit under a 25-year PPA with SJVN Ltd.
- What does this mean for equity dilution?
- This debt funding eliminates the need to raise equity for this specific project, reducing dilution risk for shareholders. The company is also pursuing an institutional placement with a floor price of ₹294.13.
- How significant is this funding relative to the company's size?
- It's about 9.7% of Acme Solar's ₹24,741 crore market capitalisation, making it a materially significant event.
- Where is this project located and what is its capacity?
- Jaisalmer, Rajasthan, with 450 MW solar and 1800 MWh battery storage (4-hour duration).
- What is the company's total under-construction portfolio?
- 5,080 MW, of which this 450 MW project is part.
Acme Solar Holdings Ltd.
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All notes on ACMESOLAR →- 16 Jul 2026 · 8:39 AM IST Acme Solar secures ₹2,646.64 cr REC funding for 450MW hybrid project
- 44d ago Acme Solar puts a number on its raise. Floor price is ₹294.13.