ACME Solar Holdings has received an upgrade in its credit rating from CRISIL, moving from ‘Crisil A+/Positive’ to ‘Crisil AA-/Stable‘. This upgrade applies to non-fund-based long-term bank facilities of ₹1,000 crore. The improved rating is expected to reduce ACME Solar’s debt costs and reflects healthy growth in its operating portfolio, efficient execution, and timely asset stabilization.
Rating Upgrade Details
CRISIL Ratings has upgraded ACME Solar Holdings Ltd’s rating for non-fund-based long term bank facilities of ₹1,000 crore to ‘Crisil AA-/Stable’ from ‘Crisil A+/Positive’ effective October 7, 2025. This upgrade will enable ACME Solar to potentially reduce its cost of debt across the company and its projects. This marks the second AA-/Stable rating received by ACME Solar Holdings Ltd.
Factors Driving the Upgrade
The rating upgrade is attributed to several factors, including:
- Healthy growth in ACME Solar’s operating portfolio.
- Healthy execution track record.
- Timely stabilization of assets.
- Refinancing of projects to lower the cost of debt, thereby improving operating cash flows.
CRISIL has also factored in the PPA/BESPA signed under-construction portfolio, consisting of 2.84GW Solar FDRE, Hybrid and Wind Projects, and a 550MWh standalone BESS project. These are slated for execution over the next 2-3 years. These projects will be supported by prudent capital allocation and a strong liquidity profile, which includes consolidated free cash and cash equivalents exceeding ₹1,400 crore.
About ACME Solar Holdings
ACME Solar Holdings operates with a diversified portfolio, including solar, wind, storage, FDRE, and hybrid solutions. As of October 2025, it has an operational capacity of 2,890 MW. The company’s in-house EPC and O&M divisions ensure cost-effective and timely project delivery.
Source: BSE
