ICRA has assigned an ‘ICRA AA-/Stable’ rating to the Rs 990 crore long-term bank facilities of ACME Dhaulpur Powertech Private Limited (ADPPL), a subsidiary of ACME Solar. This rating applies to their 300 MW solar power project in Jaisalmer, Rajasthan. The rating is expected to reduce borrowing costs. The plant has been operational since January 2025, achieving a capacity utilization factor (CUF) of 29.05% since commissioning.
ICRA Rating Justification
The ‘ICRA AA-/Stable’ rating assigned by ICRA to ACME Solar’s project is underpinned by several factors, including an experienced sponsor, predictable revenue streams, strong debt coverage metrics, timely payments, and a strong counterparty. The rating reflects ADPPL’s robust operational performance, supported by a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI).
Financial Impact
The rating of ‘ICRA AA-/Stable’ for the Rs 990 crore term loan facility is expected to contribute to a reduction in the cost of borrowings for the project, as per the agreed terms with lenders. This marks the second ‘AA-‘ rating received for the project, adding to the previous rating from CRISIL. The financial arrangement pertains to a 300 MW ISTS solar power project located in Jaisalmer, Rajasthan.
Operational Highlights
The solar power plant has been operational since January 2025 and has achieved a capacity utilization factor (CUF) of 29.05% since it began operations. ICRA anticipates that the competitive project costs, reduced borrowing expenses, and satisfactory generation performance will contribute to robust debt coverage metrics for the project. The stable outlook reflects the steady cash flow predictability from the long-term PPA, satisfactory generation levels, and timely collections from the offtaker.
About ACME Solar
ACME Solar Holdings is a leading integrated renewable energy company with a diversified portfolio including solar, wind, storage, FDRE, and hybrid solutions. The company has an operational capacity of 2,918 MW and a construction capacity of 4,472 MW including 13.5 GWh of BESS installation. With in-house EPC and O&M divisions, ACME Solar manages end-to-end project development, ensuring cost-effective solutions and industry-leading CUF and operating margins.
Source: BSE
