ACME Receives Approval from ADB for $100 MN Credit Facility - infrabuddy.com

ACME Receives Approval from ADB for $100 MN Credit Facility

EDITORS’ SYNOPSIS:

$50 mn to be used for 100 MW project in Rajasthan

$50 mn to be used for future projects of company

ACME Group already sourced $ 34 mn loan from IFC

ACME Solar aims to generate 1000 MW by 2017

ACME Group, the leading green energy player in India, announced that it has received final approval for credit facility of $100 mn loan from Asian Development Bank.  The proceeds of the loan shall be received in multiple tranches.  The first tranche of US$ 50 mn shall be utilized in developing 100 MW projects in Rajasthan and the remaining amount of loan shall be used for its upcoming projects.

Commenting on the occasion, Mr. Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said, “We thank ADB for its participation in our Solar Power Projects.  This expression of interest depicts the potential of Solar Power in the country which has been facilitated by sound policy framework and focus of the current government on the renewable sector.  The impetus provided by the financial institutions will help the sector to tide over the challenges and increase its share from 1% to 3% in the overall energy mix.”

Last month ACME Group also sourced an investment from IFC in the form of an ‘A’ Loan of up to $34 million (Rs. 201.9 crores) for the 100 MW project in Rajasthan.  Earlier, IFC also funded Rs.73.10 crores for the 25 MW solar power project of the company in Madhya Pradesh which was commissioned early this year.

The company has a portfolio of 197.5 MW including 100 MW JNNSM Phase II Projects, in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh.  The company aims to generate 1000 MW by the year 2017. The portfolio consists of 100 MW plants in Rajasthan, 25 MW plant in Madhya Pradesh, 25 MW plant in Odisha, 30 MW plant in Chhattisgarh, a 15 MW in Gujarat and a 2.5 MW CSP plant in Rajasthan. Out of these, the 25 MW plant in Madhya Pradesh, 15 MW plant in Gujarat and 2.5 MW CSP in Rajasthan are fully operational, making its operational capacity at 42.5 MW. While other projects are at various stages of commissioning, the 100 MW Rajasthan projects are expected to be commissioned by April 2015.

ACME Group showcased its prowess in solar PV technology through its 25 MW plant at Khilchipur, Madhya Pradesh that achieved a record output of 25 GWh in six months of installation, a record in maximum power output by any solar power plant of that scale.

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