Renewable energy independent power producer ACME Solar Holdings wholly owned subsidiary, ACME Hybrid Urja, has secured long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW firm and dispatchable renewable energy (FDRE) project.

This project has been contracted with NHPC.

REC will be the sole lender, providing long-term financing for 18 years. It has financed two other ACME Solar FDRE projects with a cumulative capacity of 570 MW, earlier this year.

ACME Hybrid Urja signed a power purchase agreement of 25 years with NHPC at a tariff of ₹4.46 (~$0.051)/kWh.

The FDRE project, which integrates solar with a battery energy storage system, aims to meet the supply obligations for NHPC and ensure higher electricity predictability and dispatchability.

The project will be designed to have a minimum annual capacity utilization factor of 40% and a monthly peak hour availability of 90%.

ACME Solar Holdings has a diversified portfolio of solar, wind, storage, hybrid, and FDRE projects. The company has an operational capacity of 2,890 MW, an under-construction capacity of 4,080 MW, and a standalone BESS capacity of 550 MWh.

ACME Solar was one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. The company accounted for 11.5% of the country’s yearly capacity additions, coming in third behind Adani Green Energy and ReNew. It had completed 1.2 GW in installations in Jaisalmer, Rajasthan, during the year.

In April this year, ACME Solar Holdings secured a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%. ACME said it would use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.