Gurugram-based independent power producer ACME Solar Holdings has secured ₹15.71 billion (~$164.57 million) in funding from India Infrastructure Finance Company (IIFCL) for the development of a 300 MW firm and dispatchable renewable energy (FDRE) project in Rajasthan.

IIFCL will be the sole lender for the ACME Renewtech Sixth assured peak power project, with a 19-year repayment tenor. The power purchase agreement (PPA) for the project was executed with Solar Energy Corporation of India for 25 years at a tariff of ₹6.28 (~$0.066)/kWh.

The capital infusion takes ACME Solar’s overall financing secured during the current fiscal to ₹109.76 billion (~$1.15 billion).

ACME Solar has a diversified portfolio of 8.37 GW spanning solar, wind, storage, FDRE, and hybrid solutions, with an operational contracted capacity of 2.99 GW and around 3.62 GWh of BESS capacity. It also has an under-construction contracted capacity of 5.38 GW. The company’s under-construction PPA-signed portfolio stands at 4.01 GW.

The development comes days after ACME Solar completed refinancing ₹21.47 billion (~$225.01 million) of debt by redeeming existing non-convertible debentures. In all, 12 operational special purpose vehicles issued the debentures 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.

In the first quarter of the financial year (FY) 2027, ACME Solar reported revenue of ₹8.58 billion (~$90.8 million), up 67.8% year-over-year (YoY) from ₹5.11 billion (~$54.1 million). Revenue from the sale of electricity increased 67.7% YoY to ₹8.57 billion (~$90.8 million) from ₹5.11 billion (~$54.1 million).

The company attributed the revenue growth to higher solar irradiation, improved plant performance, and additions to its renewable energy and battery energy storage capacities.

Corporate funding for energy storage companies, including venture capital, debt, and public market financing, reached $8.9 billion across 73 deals in the first half of 2026, a 2% decrease compared to $9.1 billion across 55 deals in the first half of 2025, according to Mercom India’s 1H and Q2 2026 Funding and M&A Report for Energy Storage.