ACME Solar has successfully completed the refinancing of ₹2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW. According to latest reports, this refinancing was completed on August 12, 2026 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed as part of the comprehensive refinancing exercise.
The RG Structure comprises 12 operational solar assets with 56% of the overall capacity tied up with Central Utilities including SECI and NTPC, while the remaining capacity is tied up with various State offtakers. As reported by Business Standard, the RG structure is provisionally rated as AA- from CARE ratings, which demonstrates credit rating agency comfort on the operational and financial parameters of these assets. This refinancing has been availed from the National Bank for Financing Infrastructure and Development (NaBFID).
This long-term refinancing has resulted in a reduction in borrowing cost by approximately 150 basis points across these issuing SPVs, according to Business Standard reports. The cost reduction is expected to result in stronger project cash flows and an enhanced long-term capital structure for the company's solar assets. This refinancing brings the total financing raised during the current fiscal to ₹8,198 crore.
Following the successful refinancing, ACME Solar Holdings has announced ambitious expansion plans with ₹15,000-20,000 crore investment to expand its renewable energy business, with battery storage as a key focus area. The company aims to deploy about 10 GWh of battery capacity this year and enter the data centre power market. This strategic move aligns with India's growing renewable energy demand, as the country's peak electricity demand rose 12% from April to June over the same period last year, with an all-time high of 270.8 gigawatts recorded in May.
