ACME Solar Holdings has raised Rs 1,100 crore in domestic funding from State Bank of India (SBI) for its subsidiary. In its regulatory filing the company highlighted that the funds will be used to refinance existing debt and lower financing costs by nearly 100 basis points for its 300 MW renewable energy project in Rajasthan.

SBI funding to support refinancing

The funding from SBI has been secured for a tenure of nearly 17 years. The company said the refinancing move is in line with its strategy to optimise financing costs across its portfolio and strengthen its credit profile. ACME Solar has been able to improve its projects’ credit ratings by showing financial discipline and stability. The company highlighted that the Rajasthan project has been operational for about six months and

See Full Page