Jaipur — ACME Greentech Ltd has secured long‑term project finance of ₹1,571 crore from the India Infrastructure Finance Company Limited (IIFCL) for the construction and development of a 300 megawatt assured peak power project in Rajasthan, company and industry reports said on Thursday.
Funding and project structure
The loan, provided at a competitive interest rate, represents IIFCL's first sole greenfield financing for ACME, with a repayment tenor of 19 years. The funds will form a major portion of the project's capital requirement, which the reports put at ₹2,123 crore.
The plant has executed a 25‑year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at a tariff of ₹6.28 per unit. According to the reporting, land acquisition has been completed and grid connectivity is already in place; construction of the pooling substation and the transmission line are at advanced stages.
Technology mix and market implications
ACME's assured peak power project combines multiple renewable technologies, explicitly integrating solar photovoltaic generation with a battery energy storage system (BESS). The inclusion of BESS is intended to firm up output during peak demand windows and enhance the value of renewable energy by aligning generation with system needs.
- Project capacity: 300 MW
- Project funding from IIFCL: ₹1,571 crore
- Total capex: ₹2,123 crore
- PPA: 25 years with SECI at ₹6.28/unit
- Repayment tenor: 19 years
Financial background
This financing raises ACME Solar's total capital raised in the current financial year to ₹10,976 crore, according to the reports. IIFCL is the sole lender for this particular transaction, signalling institutional appetite for large-scale greenfield renewable projects that include storage.
| Item | Detail |
|---|---|
| Capacity | 300 MW |
| Project funding (IIFCL) | ₹1,571 crore |
| Total capex | ₹2,123 crore |
| PPA | 25 years with SECI at ₹6.28/unit |
| Repayment tenor | 19 years |
Local and sectoral impact
For Rajasthan, which has been a focal point for large-scale solar development because of its high insolation and available land, the project adds to growing investments that aim to supply assured power during peak hours. The mix of solar with battery storage helps address intermittency, a key system challenge as the state's and the country's renewable share increases.
By securing long‑dated financing from a specialised infra lender, the project may set a precedent for other greenfield renewable-plus-storage schemes seeking non‑recourse or project‑level credit on extended tenors. The PPA with SECI provides revenue certainty for developers and underpins lender comfort for long‑tenor exposure.
Implementation status and next steps
Reports indicate that while the project has land and grid connectivity in place, the pooling substation and transmission line are still under construction but at advanced stages. The infusion of funds is expected to accelerate remaining works and move the project through commissioning milestones.
Analysts and policymakers have emphasised that the rollout of BESS alongside solar will be critical for integrating higher levels of renewables into the grid without compromising reliability. For local communities in Rajasthan, such projects may generate temporary construction employment and longer‑term operations jobs, though the reporting does not quantify employment figures.
With India pursuing ambitious renewable targets, projects of this scale and structure will be watched for their financing models, technology choices and operational outcomes as they add to the nation's capacity while addressing evening peak demand.
Reporting compiled from project disclosures and industry reports.
