ACME Solar Refinances INR 2,147 Crore, Takes FY27 Financing to INR 8,198 Crore
ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.
RG Structure comprises of 12 Operational Solar Assets, with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various State offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.
This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID). This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.
ACME Solar Holdings Limited is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.
