Acme Solar Holdings secures $363 million in funding for 280 MW solar-plus-storage project
Indian renewables developer Acme Solar Holdings Ltd has secured project financing of INR 31.84 billion (USD 363m) from REC Limited for the development and construction of a 280 MW firm and dispatchable renewable energy project (FDRE)Â contracted with NHPC.
The financial package secures long-term financing for 18 years, and marks REC Ltd’s third round of financing for ACME Solar’s FDRE portfolio, following two earlier financings this year for projects with a combined capacity of 570 MW.
The project benefits from a 25-year power purchase agreement (PPA) signed with NHPC at a tariff of INR 4.64/kWh. ACME Solar will supply the contracted power by integrating multiple renewable energy technologies, including solar and battery energy storage systems (BESS), to ensure greater predictability and dispatchability. The project is designed to meet a minimum annual capacity utilization factor (CUF) of 40% and a monthly peak hours availability of 90%.
ACME Solar Holdings is a fully integrated renewable energy company in India with a diversified portfolio across solar, wind, storage, hybrid, and firm and dispatchable renewable energy (FDRE) projects. The company has an operational capacity of 2,890 MW and an under-construction capacity of 4,080 MW, along with 550 MWh of standalone BESS. ACME generates long-term stable cash flows through the sale of electricity to various off-takers, including central and state government-backed entities, under long-term fixed-tariff PPAs.
The project is designed to meet a minimum annual capacity utilization factor or CUF of 40% and peak hours availability of 90% on a monthly basis.
ACME Solar has an operational capacity of 2,890 MW and 4,080 MW under construction, plus 550 MWh of standalone BESS. The “firm and dispatchable” elements of the deal means a renewable energy project legally has a contract to reliably deliver electricity on demand according to a schedule, hence the use of storage.
From pv magazine India.
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