ACME Hybrid Urja Private Limited, a wholly owned subsidiary of ACME Solar Holding Limited, has secured long-term project financing of Rs 31.84 billion from REC Limited for the development and construction of a 280 MW firm and dispatchable renewable energy (FDRE) project contracted with NHPC Limited.
REC Limited will act as the sole lender, providing financing for 18 years. The project is backed by a 25-year power purchase agreement with NHPC Limited at a tariff of Rs 4.44 per unit. It integrates solar and battery energy storage systems (BESS) to ensure higher predictability and dispatchability with a minimum annual capacity utilisation factor of 40 per cent and peak hour availability of 100 per cent on a monthly basis.