ACME Solar secures Rs 1,100 crore refinancing from SBI for 300 MW project in Rajasthan

ACME Solar Holdings Limited has secured domestic funding of INR 1,100 crore for its subsidiary rated CRISIL AA- to refinance the existing debt and reduce financing cost by around 100 bps for its 300 MW renewable energy project in Rajasthan. This project has an operational track record of about 6 months and consistently maintaining optimum CUF levels.

This refinancing has been secured from State Bank of India (SBI) for a tenure of approximately 17 years and is consistent with the company's strategy to optimize financing costs across its portfolio and strengthen its credit profile through rating upgrades. The Company has been able to improve its projects' credit ratings by demonstrating strong commitment to financial discipline and stability. The reduced cost of debt enables ACME Solar to further strengthen its financial position as it pursues significant capacity growth over the next few years.

Shares of ACME Solar Holdings Limited was last trading in BSE at Rs. 298.00 as compared to the previous close of Rs. 294.75. The total number of shares traded during the day was 65178 in over 1494 trades.

The stock hit an intraday high of Rs. 301.15 and intraday low of 291.15. The net turnover during the day was Rs. 19303259.00.

Source : Equity Bulls

Keywords

ACMESolarHoldings INE622W01025 Refinancing SBI 300MWProject Rajasthan