Renewable energy company ACME Solar Holdings has completed the refinancing of ₹21.47 billion (~$225.01 million) of debt by redeeming existing non-convertible debentures issued by 12 operational special purpose vehicles (SPVs) with a cumulative solar capacity of 450 MW.

The company said the refinancing also resulted in the full redemption of the underlying offshore dollar bonds under an orphan structure.

The transaction was completed through long-term financing from the National Bank for Financing Infrastructure and Development (NaBFID).

The non-convertible debentures were issued in August 2021 under a restricted group structure comprising 12 operational solar projects.

According to ACME Solar, 56% of the group’s total capacity has offtake arrangements with central entities Solar Energy Corporation of India and NTPC. The remaining capacity is tied to various state offtakers.

ACME Solar said the refinancing reduced borrowing costs by approximately 150 basis points across the issuing SPVs. The company said the lower borrowing costs would result in stronger project cash flows and an improved long-term capital structure.

With the latest transaction, ACME Solar said it has raised ₹81.98 billion (~$859.15 million) in financing so far, this fiscal year.

ACME Solar has a renewable energy portfolio of 8,070 MW across solar, wind, storage, firm and dispatchable renewable energy, and hybrid projects. Its operational contracted capacity stands at 2,990 MW, while it has operationalized around 3.62 GWh of BESS capacity.

The contracted capacity under construction stands at 5,080 MW. Of this, ACME had signed power purchase agreements for 3,880 MW.

In 2025, ACME Solar Holdings 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.

In 2026, ACME Solar Holdings commissioned an additional 33.331 MW/120.384 MWh of battery energy storage capacity in Badi Sid village, Rajasthan, through its wholly owned subsidiary, ACME Sun Power.