PFC Funds ACME’s Andhra Pradesh Renewable Project

New Delhi: ACME Cleantech has successfully secured a Rs 5,600-crore loan from Power Finance Corporation (PFC) to fund a groundbreaking renewable energy project in Andhra Pradesh. The project, designed to provide round-the-clock nationwide renewable energy supply, represents a significant advancement in India’s green energy landscape. Sources familiar with the development confirmed the loan, which carries a tenor of 17 years.

The project was awarded to ACME through a competitive tender process conducted by the Solar Energy Corporation of India (SECI) in April last year. SECI had issued a tender for the development of 1.2 gigawatts of hybrid renewable energy projects, combining wind and solar power generation with battery storage. This hybrid approach ensures the capability to supply power nationwide during peak hours without interruption.

In addition to ACME, ReNew Power, Hero Future Energies, and Amp Energy also secured portions of the tender. ACME was awarded 380 megawatts of projects, while ReNew Power received the largest share with 600 megawatts. The remaining capacity was divided between Hero Future Energies and Amp Energy.

As part of the project requirements, developers must install an energy storage system with a minimum capacity of 100 megawatt-hours for every 100 megawatts of project capacity. The agreement mandates that developers supply energy up to 4,000 kilowatt-hours per megawatt of the contracted capacity daily during peak hours, as scheduled by the buying entity.

ACME will sign a power purchase agreement (PPA) with SECI, which may enter into back-to-back agreements with other offtakers, including state-owned power distribution companies. The projects will be connected to the interstate transmission system, facilitating the evacuation of power from the production site.

Official of Gurugram, Said ACME Group boasts a substantial portfolio of solar power projects. The company currently has nearly 10 gigawatts of solar projects under construction and 1.5 gigawatts of operational projects, according to its website.

The successful arrangement of this loan and the subsequent development of the hybrid renewable energy project in Andhra Pradesh marks a significant step forward for ACME and India’s renewable energy sector. The initiative aligns with the nation’s goals to increase its renewable energy capacity and ensure a sustainable and reliable energy supply for the future.