Gurgaon-based independent power producer ACME Solar Holdings has secured long-term project financing of ₹26.47 billion (~$274.5 million) for its 450 MW/1,800 MWh firm and dispatchable renewable energy (FDRE) project from REC.

The funding will support the development of the project, which is being undertaken by ACME Solar’s special purpose vehicle, ACME Greentech Seventh Assured Peak Power Project.

ACME Solar said the project combines solar generation with battery energy storage to meet assured peak power supply obligations.

The project is backed by a 25-year power purchase agreement signed with SJVN at a tariff of ₹6.74 (~$0.07)/kWh.

REC will act as the sole lender for the project for 20 years.

ACME Solar’s total energy portfolio totals 8,070 MW across solar, wind, energy storage, FDRE, and hybrid projects. The company has an operational contracted capacity of 2,990 MW and approximately 3.3 GWh of battery storage capacity.

It has 5,080 MW of contracted capacity under construction, including approximately 18 GWh of battery storage installations. ACME Solar’s under-construction portfolio with signed power purchase agreements totals 3,580 MW.

This June, ACME Solar commissioned an additional 33.331 MW/120.384 MWh of battery energy storage capacity in Badi Sid village, Rajasthan, through its wholly owned subsidiary, ACME Sun Power.

In the same month, ACME Solar completed a ₹28 billion (~$293.47 million) qualified institutional placement, its first equity capital raise since listing in 2024.

India added 4.6 GWh of battery energy storage capacity in the first quarter (Q1) of 2026, a 941% increase from 442.7 MWh added in Q4 2025, according to Mercom India Research’s Q1 2026 India’s Energy Storage Landscape Report.

The country’s cumulative installed battery energy storage capacity reached 5.9 GWh as of March 2026. Standalone energy storage accounted for 73% of India’s cumulative installed capacity, followed by 15% from solar-plus-wind with storage (RTC capabilities) projects and 11% from solar-plus-energy storage projects. Other configurations, including solar-plus-wind with storage and floating solar with storage, contributed less than 1%.