ACME Solar is in talks with lenders such as REC, PFC, State Bank of India and banks in the Middle East to secure debt amounting to Rs 4,000 crore for funding its green ammonia and green hydrogen projects in Tamil Nadu, India and Oman.
The company is in an advanced stage of discussion, and the loan is anticipated to be sanctioned soon. Further, it will execute the project in three phases with an initial requirement of about Rs 4,000 crore. ACME will use this loan to finance the projects in Tamil Nadu and Oman, with the repayment aligned with the project’s timeline.
The project in Tamil Nadu will involve setting up a 5,000 MW solar PV plant, a 1.5 GW electrolyzer, and a 1.1 million tonne ammonia synthesis loop.
ACME Solar is developing projects in Tamil Nadu and Odisha and has secured an agreement in Karnataka. Also, land acquisition in Tamil Nadu is underway and the company is planning to begin construction on a few projects.
Presently, ACME has solar power projects across 12 stats with capex investment and commitment of around USD eight billion. Earlier, it has undertaken transactions from companies like Petronas, NIIF, Renew, BAML, Brookfield, Allianz, and others.