ACME Solar Holdings has secured a long-term refinancing facility worth Rs 24.91 billion for its operational renewable energy projects totaling 490 MW across Andhra Pradesh, Rajasthan, and Punjab.
The refinancing has been secured from the State Bank of India and REC Limited for a tenure of 18–20 years. It will help restructure existing debt and lower the financing cost to a weighted average interest rate of 8.8 per cent. The projects include a 160 MW project in Andhra Pradesh and a 30 MW project in Punjab, both with an operational track record of nearly nine years, and a 300 MW project in Rajasthan with a three-year track record.