ACME Solar Holdings on Tuesday said it has raised ₹1,100 crore in domestic funding from the State Bank of India for its 300 MW renewable energy project in Rajasthan.

The funds will be utilised to refinance the existing debt and reduce financing cost by around 100 bps for the Rajasthan project.

This refinancing has been secured from the State Bank of India (SBI) for a tenure of approximately 17 years.

ACME Solar Holdings said the refinancing is consistent with the company's strategy to optimise financing costs across its portfolio and strengthen its credit profile through rating upgrades.

The 300 MW renewable energy project in Rajasthan has an operational track record of about six months and has consistently maintained optimum capacity utilization factor (CUF) levels.

The reduced cost

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