ACME Solar Holdings Limited has secured Rs 15.71 billion in long-term project funding from India Infrastructure Finance Company Limited (IIFCL) for the development of a 300 MW assured peak power project in Rajasthan. IIFCL is the sole lender for the project, with the funding having a repayment period of 19 years. With this funding, ACME Solar’s total financing secured during the current financial year has reached Rs 109.76 billion.
The project involves a total capital expenditure of Rs 21.23 billion. It will combine solar power with a 1,350 MWh battery energy storage system to supply assured peak power. Moreover, it has a 25-year power purchase agreement with Solar Energy Corporation of India Limited at a tariff of Rs 6.28 per unit.