Key Transaction Details

  • Transaction Amount: INR 2,147 crore refinancing
  • Purpose: To redeem existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs)
  • Capacity Represented: 450 MW cumulative capacity
  • Original Issuance Date: August 2021 under Restricted Group (RG) Structure
  • Concurrent Action: Full redemption of underlying offshore dollar bonds under the orphan structure
  • Total Financing FY2026: Rs 8,198 crore raised so far during the current fiscal year

Restricted Group Structure Details

  • Composition: 12 Operational Solar Assets
  • Capacity Allocation: 56% tied to Central Utilities (SECI and NTPC), remaining capacity with various State offtakers
  • Credit Rating: Provisionally rated AA- by CARE Ratings, demonstrating credit rating agency comfort on operational and financial parameters

Refinancing Terms

  • Lender: National Bank for Financing Infrastructure and Development (NaBFID)
  • Tenor: Long-term refinancing
  • Cost Reduction: Approximately 150 basis points reduction across issuing SPVs
  • Benefits: Stronger project cash flows and enhanced long-term capital structure

Company Background

ACME Solar Holdings Limited is an integrated renewable energy player with:

  • Total Portfolio: 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions
  • Operational Contracted Capacity: 2,990 MW
  • BESS Capacity: ~3.62 GWh
  • Under Construction Contracted Capacity: 5,080 MW
  • Under Construction PPA Signed Portfolio: 3,880 MW

The company maintains in-house EPC and O&M divisions for end-to-end development and operations, delivering projects in time and cost-effective manner with industry-leading CUF and operating margins.

Document Metadata

  • Corporate Office: 4th, 6th to 8th Floor, Block A1, DLF World Tech Park, DLF IT SEZ Silokhera, Sector 30, Gurugram, Haryana 122001 India