Gurgaon-based independent power producer ACME Solar Holdings has completed a ₹28 billion (~$293.47 million) qualified institutional placement (QIP), its first equity capital raise since listing in 2024.

The funding saw participation from existing and new investors, including domestic mutual funds, insurance companies, and foreign institutional investors, such as SBI Mutual Fund, Nippon Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, SBI Life Insurance, ICICI Prudential Life Insurance, BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority, and Pictet.

ACME Solar said it will use the proceeds from QIP to reduce leverage and strengthen its balance sheet.

As of this March, ACME Solar has cumulatively commissioned 155 MW/470.25 MWh of battery storage projects in Rajasthan.

ACME has a portfolio of 8,071 MW of projects, including around 17 GWh of battery storage installations and 6,270 MW of signed power purchase agreements (PPAs). The company commissioned a 2.3 GWh battery storage project, which delivers a net realization of ₹22 million (~$233,000)/day.

Out of the 5,081 MW of projects under construction in the financial year 2026, ACME has signed PPAs for 3,280 MW. The company has set a target of adding 10 GW of generation capacity and 20 GWh of battery storage capacity by 2030.

In February 2026, ACME won 301 MW at a tariff of ₹6.28 (~$0.0695)/kWh under Solar Energy Corporation of India’s auction for the assured peak supply of 4,800 MWh of FDRE from ISTS-connected projects co0located energy storage systems.

ACME Solar Holdings commissioned 142.67 MW/481.49 MWh battery storage projects in Rajasthan through its subsidiaries. This storage capacity is part of the first phase of the company’s planned total of 585 MW/2,011.24 MWh battery storage projects.

Last year, ACME secured a debt tie-up of ₹47.2 billion (~$519.2 million) from Indian financial institutions to fund the construction of renewable energy projects and optimize its capital structure by reducing financing costs. Out of the total amount, ₹27.1 billion (~$298.1 million) has been secured from Power Finance Corporation for the company’s 300 MW FDRE project.