ACME Solar Holdings Stock Up 10% As Subsidiary Secures Rs 3,753 Cr Loan For Projects In Rajasthan, Gujarat
The company recently debuts on the exchanges at a discount of 13 per cent
Days after its listing on the stock exchanges, ACME Solar Holdings' subsidiary ACME Sun Power secured a Rs 3,753 crore term loan financing from state-owned company REC for the development and construction of a 320 MW green energy project in collaboration with SJVN.
Subsequently, the ACME Solar Holdings stock rallied up to 10 per cent in the Monday trading session to Rs 251 on the National Stock Exchange (NSE). Notably, the company recently debuted on the exchanges on 13 November at a discount of 13 per cent.
The company informed stock exchanges on Sunday that the projects would be located in Jaisalmer, Rajasthan for solar capacity and Bhuj and Jam Khambhaliya in Gujarat.
“A power purchase agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured,” the company said in the statement.
It also added that the land acquisition process is in advanced stages and REC will serve as the sole lender for this project.
REC, granted Maharatna status in 2022, finances the entire range of power infrastructure sector.
"We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class Firm and Dispatchable Renewable Energy (FDRE) renewable energy projects and contributing to India's green energy transition," said Manoj Kumar Upadhyay, Chairman and Founder, ACME Solar Holdings.
These projects are poised to enhance India's renewable energy footprint, providing sustainable and clean energy solutions in line with the government's ambitious renewable energy goals.
Over the years, ACME Sun Power has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy. (ANI)
