ACME Solar has completed the refinancing of Rs 21.47 billion, enabling the redemption of existing non-convertible debentures issued by 12 operational special purpose vehicles (SPVs) representing a cumulative capacity of 450 MW. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. With this refinancing, the total financing raised so far during the current fiscal year has reached Rs 81.98 billion.
The long-term refinancing was availed from the National Bank for Financing Infrastructure and Development and reduced the borrowing cost by approximately 150 basis points across the SPVs. The refinancing is expected to strengthen project cash flows and improve the long-term capital structure of the operational solar assets.