The Gurugram-based RE solutions provider has got a 56 billion INR loan for a mega renewable energy supply project in Andhra Pradesh.
On Saturday, ACME Cleantech, the domestic supplier of renewable energy infrastructure, revealed that it has secured a loan of Rs 5600 crores from Power Finance Corporation (PFC), which is equivalent to 670 million USD. The loan will assist ACME in building a round-the-clock renewable energy supply facility in Andhra Pradesh.
According to reports by the Economic Times, the loan’s tenor can be 17 years. The company disclosed that in April last year, ACME bagged this mega project under a tender process conducted by the Solar Energy Corporation of India (SECI).
The project aims to establish 1.2 gigawatts of hybrid renewable energy projects, utilising wind and solar power and supported by battery storage technology. These will be capable of supplying uninterrupted nationwide power during peak hours.
Besides ACME, ReNew Power, Hero Future Energies, and Amp Energy are project players who won parts of the tender. While ReNew Power received the largest allocation to build 600 megawatts, accounting for half of the total capacity, ACME has secured 380 megawatts of projects.
As part of the project requirements, each 100 megawatts of capacity must include an energy storage system with a minimum capacity of 100 megawatt hours. The developers must supply a maximum of 4,000-kilowatt hours per megawatt of contracted capacity daily during specified peak hours, as outlined by SECI.
ACME will sign a power purchase agreement with SECI, which may subsequently enter into agreements with state-owned distribution companies as additional off-takers. Furthermore, the projects are required to connect to the interstate transmission system to facilitate the evacuation of power from the production sites.
ACME, however, has not disclosed the deadline for the completion of this project.
The company, headquartered in Gurugram, Haryana, claims a large portfolio of nearly 10 gigawatts of solar power projects under construction. Additionally, its official website reports that ACME has 1.5 gigawatts of solar power projects currently in operation.
