Gurgaon-based independent power producer ACME Solar Holdings has secured a ₹34.05 billion (~$356 million) long-term project financing loan from Power Finance Corporation (PFC) for its 250 MW firm and dispatchable renewable energy (FDRE) project, spread across Gujarat and Rajasthan.

The loan has a repayment tenure of 19 years and will finance the development and construction of the ACME Urja One Phase III project.

ACME Solar said the latest financing increases its total project funding raised during the financial year (FY) 2027 to ₹60.51 billion (~$632.7 million).

The project combines solar, wind, and battery energy storage systems to meet its FDRE supply obligations. The project is spread across Fatehgarh II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat.

The project will supply power under a 25-year power purchase agreement (PPA) signed with NHPC at a tariff of ₹4.33 (~$0.045)/kWh.

The project is expected to be commissioned in 2027.

ACME has a portfolio of 8,071 MW of projects, including around 17 GWh of battery storage installations and 6,270 MW of signed PPAs. The company commissioned a 2.3 GWh battery storage project, which delivers a net realization of ₹22 million (~$233,000)/day.

Out of the 5,081 MW of projects under construction in the financial year 2026, ACME has signed PPAs for 3,280 MW. The company has set a target of adding 10 GW of generation capacity and 20 GWh of battery storage capacity by 2030.

Recently, ACME Solar secured long-term project financing of ₹26.47 billion (~$274.5 million) for its 450 MW/1,800 MWh FDRE project from REC. The project is backed by a 25-year power purchase agreement signed with SJVN at a tariff of ₹6.74 (~$0.07)/kWh.

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. Following the commissioning, ACME Sun Power’s total commissioned battery storage capacity has reached 300 MW/1,404.32 MWh.