ACME Sun Power Secures Major Loan for Green Energy Projects
ACME Sun Power, a subsidiary of ACME Solar Holdings, has obtained a significant term loan of Rs 3,753 crore from REC Limited, a state-owned company. This funding will support the development of 320 MW green energy projects in collaboration with SJVN. The projects will be located in Jaisalmer, Rajasthan, and Bhuj and Jam Khambhaliya in Gujarat.
Project Details
A Power Purchase Agreement (PPA) has been signed with SJVN, and grid connectivity has been secured. The land acquisition process is in advanced stages. REC Limited will be the sole lender for this project.
Statements from ACME Solar Holdings
Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, expressed gratitude for the financial support from REC Limited. He stated, “We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders.” He also emphasized the importance of this funding in supporting India’s green energy transition.
Company Background
ACME Sun Power has expanded its portfolio from solar power projects to become an integrated renewable energy company. The company was listed on the stock exchanges on November 13.
Doubts Revealed
ACME Sun Power -: ACME Sun Power is a company that works on creating energy from the sun, which is a clean and renewable source of energy. It is part of a bigger company called ACME Solar Holdings.
Rs 3,753 crore -: Rs 3,753 crore is a very large amount of money, specifically 37.53 billion rupees. This money is being used to help build projects that create energy from the sun.
REC Limited -: REC Limited is a company that provides money to other companies to help them build projects, especially those related to energy. In this case, they are giving money to ACME Sun Power for their solar projects.
320 MW -: 320 MW stands for 320 megawatts, which is a measure of how much electricity can be produced. This amount of electricity can power many homes and businesses.
Rajasthan and Gujarat -: Rajasthan and Gujarat are two states in India. They are known for having a lot of sunshine, which makes them good places for solar energy projects.
Power Purchase Agreement -: A Power Purchase Agreement is a deal where one company agrees to buy electricity from another company. This helps ensure that the electricity produced will have a buyer.
SJVN -: SJVN is a company that works with energy, like electricity. They are involved in the agreement to buy power from ACME Sun Power’s projects.
Grid connectivity -: Grid connectivity means that the electricity produced by the solar projects can be sent to the places where people need it, like homes and businesses.
Land acquisition -: Land acquisition is the process of buying or obtaining land where the solar projects will be built. This is an important step before starting construction.
Chairman Manoj Kumar Upadhyay -: Manoj Kumar Upadhyay is the leader of ACME Sun Power. He is thankful for the support they received to help build the solar projects.
Green energy transition -: Green energy transition is the process of moving from using energy that can harm the environment, like coal, to using clean energy, like solar power, which is better for the Earth.
Listed on exchanges -: Being listed on exchanges means that people can buy and sell shares of ACME Sun Power on the stock market, which is a place where people trade parts of companies.
