Shares of Acme Solar Holdings Ltd surged 2% on 13 August after the company’s wholly-owned subsidiary, ACME Hybrid Urja Pvt Ltd, announced that it has acquired long-term financing project of Rs 3,184 crore from REC Ltd. 

The contract is for the development and construction of a 280 megawatt (MW) Firm and Dispatchable Renewable Energy Project (FDRE) in collaboration with NHPC, according to the business.

REC would be the project’s sole lender, providing long-term financing for 18 years, according to the company. This is REC’s third financing initiative for ACME Solar’s FDRE project, following the other two contracts signed earlier this year, with a total capacity of 570 MW, it said.

ACME Solar has signed a 25-year PPA with NHPC at a cost of Rs 4.64 per unit.

According to the firm, this project combines numerous renewable energy sources, including solar and a battery energy storage system (BESS), to meet supply requirements while also improving predictability and dispatchability. It is intended to meet a minimum yearly CUF of 40% and a monthly peak hour availability of 90%, according to the statement.

At 11:35 am, the shares of Acme Solar Holdings were trading 0.27% higher at Rs 286.70 on NSE.

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