ACME Solar Holdings Limited has successfully completed the refinancing of INR 2,147 crore, leading to the redemption of existing Non-Convertible Debentures (NCDs). This move also saw the full redemption of underlying offshore dollar bonds. The refinancing, secured from the National Bank for Financing Infrastructure and Development (NaBFID), is expected to reduce borrowing costs by approximately 150 basis points.
ACME Solar Completes Major Refinancing
ACME Solar has announced the successful refinancing of INR 2,147 crore. This significant financial transaction resulted in the redemption of existing Non-Convertible Debentures (NCDs) that were issued by 12 operational special purpose vehicles (SPVs). These SPVs represent a cumulative operational capacity of 450 MW. The company confirmed that concurrently, the underlying offshore dollar bonds issued under an orphan structure have also been fully redeemed.
Strategic Financial Move
This refinancing initiative took place on August 12, 2026, and is part of ACME Solar’s ongoing strategy to optimize its capital structure. The total financing raised by the company in the current fiscal year now stands at Rs 8,198 crore. The refinancing was secured from the National Bank for Financing Infrastructure and Development (NaBFID), a move that is anticipated to reduce borrowing costs by approximately 150 basis points across the affected SPVs.
Impact on Financial Health
The company highlighted that this long-term refinancing will lead to stronger project cash flows and an enhanced long-term capital structure. The SPVs involved in this refinancing are part of ACME Solar’s Restricted Group (RG) Structure, which comprises 12 operational solar assets with 56% of their overall capacity tied up with Central Utilities such as SECI and NTPC, and the remainder with various State offtakers. The RG structure has received a provisional rating of AA- from CARE ratings, underscoring the confidence in the operational and financial parameters of these assets.
ACME Solar’s Renewable Portfolio
ACME Solar Holdings Limited is recognized as a leading integrated renewable energy player. The company boasts a diversified portfolio totaling 8,070 MW, encompassing solar, wind, storage, FDRE, and hybrid solutions. It currently has an operational contracted capacity of 2,990 MW and approximately 3.62 GWh of BESS capacity. An additional 5,080 MW is under construction, with a signed PPA portfolio for under-construction projects standing at 3,880 MW. ACME Solar manages the end-to-end development and O&M of its projects, ensuring efficient operations and profitability.
Source: BSE
