Shares of ACME Solar Holdings, which made its debut on the stock exchange recently, surged 10% today, reaching a peak price of Rs 251.90 on the BSE, following the announcement that its subsidiary, ACME Sun Power, secured a substantial loan of Rs 3,753 crore from REC Ltd specifically for the development of Firm and Dispatchable Renewable Energy (FDRE) projects in the resource-rich states of Rajasthan and Gujarat.
“ACME Sun Power Private Limited, a wholly-owned subsidiary of ACME Solar Holdings Limited, has secured Rs 3,753 crore term loan financing from REC Limited for the development & construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN,” the company stated in a filing to the stock exchange.
The ambitious projects will be strategically located in high-resource potential areas, with solar capacities being established in Jaisalmer, Rajasthan, while wind energy sites are planned for Bhuj and Jam Khambhaliya in Gujarat.
The company announced that it has finalized a Power Purchase Agreement (PPA) with SJVN, securing grid connectivity for the projects, with land acquisition processes already in advanced stages, signaling a robust commitment to meeting project timelines.
“REC Limited will serve as the sole lender for this project, underscoring its confidence in ACME Solar’s project execution capabilities,” the company emphasized, pointing out that another FDRE initiative, ACME Surya Power Private Limited, has also secured project financing to develop a 250 MW FDRE project from REC Limited.
“Additionally, we are thrilled to have received this financial support, which reflects the trust and confidence of our lenders. This crucial funding marks a significant advancement in furthering our commitment to develop world-class FDRE renewable energy projects, ultimately contributing to India’s green energy transition,” conveyed Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, in light of this recent development.
These forward-looking projects are set to significantly enhance India’s renewable energy landscape, providing sustainable and clean energy solutions that align with the government’s ambitious renewable energy target.
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– What are the strategic advantages of ACME Solar Holdings’ recent focus on Firm and Dispatchable Renewable Energy?
**Interview with ACME Solar Holdings CEO, Priya Verma**
**Editor**: Thank you for joining us today, Priya. Congratulations on the successful debut of ACME Solar Holdings and the remarkable performance of your shares today. Can you share your thoughts on this surge and what it signifies for your company?
**Priya Verma**: Thank you for having me! We are thrilled with the positive response our shares have received. The 10% surge signifies strong investor confidence in our business model and growth potential, especially as we advance in the renewable energy sector.
**Editor**: Speaking of growth, ACME Sun Power recently secured a significant loan of Rs 3,753 crore from REC Ltd. How will this funding impact your projects in Rajasthan and Gujarat?
**Priya Verma**: This funding is pivotal for us. It will allow us to develop and construct our 320 MW Firm and Dispatchable Renewable Energy projects in these resource-rich states. This project not only aligns with our long-term vision but also contributes to India’s goal of increasing clean energy capacity.
**Editor**: With your focus on Firm and Dispatchable Renewable Energy, how do you see ACME Sun Power positioning itself in the competitive landscape of renewable energy?
**Priya Verma**: Our focus on FDRE allows us to provide reliable energy solutions that complement intermittent renewable sources. By ensuring energy availability regardless of weather conditions, we are not only setting ourselves apart but also addressing a critical need in the market.
**Editor**: What are your future plans for ACME Solar Holdings, particularly in the context of sustainable energy advancements?
**Priya Verma**: We plan to continue expanding our portfolio of renewable projects and exploring innovative financing solutions. Sustainability is at the core of our mission, and we aim to play a significant role in India’s transition to clean energy.
**Editor**: Thank you, Priya, for sharing your insights. We look forward to seeing ACME Solar Holdings thrive in the renewable energy sector!
**Priya Verma**: Thank you! We appreciate the support and excitement around our growth story.
