ACME Solar Holdings’ board of directors has approved a plan to raise ₹30 billion (~$342.23 million) in one or more tranches by issuing equity shares or other equity-linked instruments and securities.

The fundraising will be executed through various permissible avenues, including but not limited to qualified institutional placement, further public offering, private placement, or a combination thereof.

Building on its efforts to secure capital for growth, ACME Hybrid Urja, a wholly owned subsidiary, recently 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. REC will serve as the sole lender, providing financing over an 18-year term. This marks REC’s third investment in ACME’s FDRE portfolio, following funding for two other projects with a cumulative capacity of 570 MW earlier this year.

In June, ACME Solar Holdings obtained a domestic project finance facility of ₹10.72 billion (~$128.38 million) for its subsidiary ACME Aklera Power Technology. The funds will be used to refinance debt associated with the company’s 250 MW operational solar project in Rajasthan.

Earlier this year, in April, the company secured another significant refinancing facility totaling ₹24.91 billion (~$298.92 million) from the State Bank of India and REC. This long-term financing, structured over 18 to 20 years at a reduced weighted average interest rate of 8.8%, is being deployed to lower debt costs for ACME’s 490 MW renewable energy projects across Andhra Pradesh, Rajasthan, and Punjab.

ACME Solar’s ₹29 billion ($344.85 million) initial public offering was oversubscribed 2.75 times. Of the IPO proceeds, ₹17.95 billion ($213.45 million) was earmarked for investment in its subsidiaries to repay or prepay certain outstanding borrowings, with the remainder allocated for general corporate purposes.

ACME Solar emerged as one of India’s top utility-scale solar project developers in 2024, as recognized in Mercom’s India Solar Market Leaderboard 2025.