Rating agency ICRA upgrades ACME Solar’s 250 MW renewable energy project in Rajasthan

Acme Solar announced on Wednesday that rating agency ICRA has upgraded the credit rating of the long-term loan facility of ACME Aklera Power Technology Private Limited.

ACME Aklera is a wholly owned subsidiary of ACME Solar Holdings to ‘ICRA AA-/Stable’ from ‘ICRA A+/Stable’.

According to the exchange filing, the rating was given to a 250 MW renewable energy project in Rajasthan, tied to its ₹1,072 crore term loan facility secured from Bank of America, Standard Chartered Bank, and India Infradebt Limited.

ICRA highlighted the improved credit profile of parent company ACME Solar, strong revenue visibility, solid generation performance, and the successful refinancing of its earlier loan on favorable terms as the main factors driving the rating upgrade.

“The rating also reflects AKPTPL strong operational profile supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff for 25 years ensures long-term cash flow predictability, while SECI’s track record of timely payments further enhances the credit profile,” the company said in the filing.

On Tuesday, the company said that it has secured ₹1,100 crore in domestic financing from the State Bank of India (SBI) for its 300 MW renewable energy project in Rajasthan.

The funding will be used to refinance existing debt, lowering the project’s financing cost by nearly 100 basis points. SBI has extended this refinancing for a tenure of about 17 years.

Acme Solar Q1 results 2025

The renewable energy Acme Solar delivered a strong set of first-quarter results, with EBITDA surging 76 per cent year-on-year to ₹531 crore.

ACME Solar also reported a 71.8 per cent increase in total revenue to ₹584 crore, while profit after tax jumped sharply to ₹131 crore from just ₹1 crore a year earlier — a staggering rise of 9,319 per cent. Its EBITDA margin remained exceptionally strong at 90.9 per cent.

This performance was driven by the commissioning of 350 MW of new projects during the quarter, including its maiden 50 MW wind project in Gujarat. With these additions, ACME’s operational capacity expanded to 2,890 MW, reflecting a 115.7 per cent year-on-year growth.

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