ACME Solar shares rise as ICRA rates ₹990 crore Rajasthan project ‘AA-/Stable’

Shares of ACME Solar Holdings gained over 1% on Wednesday after the renewable energy firm received a credit boost from ICRA and bagged a 450 MW – 1800 MWh peak power project from SJVN Green Energy Ltd.

ACME Solar shares rose as much as 1.3% to ₹255.35 on the BSE, while its market capitalisation climbed to ₹15,385 crore. The renewable energy stock opened higher at ₹255.05 against the previous closing price of ₹251.85 apiece. Meanwhile, the equity benchmarks — BSE Sensex and NSE Nifty — rose nearly 0.7% in the first hour of trade.

In an exchange filing last evening, ACME Solar said that ICRA had assigned an ‘AA-/Stable’ rating to the long-term bank facilities of its wholly owned subsidiary, ACME Dhaulpur Powertech Private Limited (ADPPL).

The rating, which covers a ₹990 crore term loan for ADPPL’s 300 MW inter-state transmission system (ISTS) solar power project in Jaisalmer, Rajasthan, was sanctioned by the Indian Renewable Energy Development Agency (IREDA). This marks the second ‘AA-’ rating for the project, complementing a similar assessment from CRISIL earlier.

According to ICRA, the AA-/Stable rating reflects ADPPL’s robust operational performance, with the plant achieving a capacity utilization factor (CUF) of 29.05% since commissioning in January 2025. The project benefits from a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), ensuring long-term revenue visibility.

The rating agency highlighted the project’s experienced sponsorship, competitive cost structure, timely payments, and strong debt coverage metrics as key credit strengths. The improved credit profile is also expected to reduce borrowing costs for the project, aligning with lender covenants.

“The Stable outlook factors in the steady cash flow visibility offered by the long-term PPA, satisfactory generation levels, and timely collections expected from SECI,” ICRA noted. “These factors are expected to lead to healthy debt coverage and liquidity levels.”

Secures 450 MW – 1800 MWh power project

In a separate development, ACME Solar on Tuesday announced that it has been awarded a 450 MW – 1800 MWh assured peak power project by SJVN Green Energy Ltd under the FDRE-IV tender, marking a significant stride in India’s peak power landscape. The project, awarded at a tariff of ₹6.75 per unit for a 25-year period, was secured through a tariff-based competitive bidding process and an e-reverse auction held on October 9, 2025.

The Letter of Award (LoA) was formally received on November 10, 2025. The project, located in Rajasthan’s high-irradiation zones, will combine 300 MW of solar capacity with a 1,800 MWh Battery Energy Storage System (BESS) — designed to supply power during peak demand windows for four hours daily with 90% availability.

Notably, this will be ACME Solar’s first project to deploy Indian-made solar cells listed under ALMM List-II, underscoring its commitment to the “Make in India” initiative and the domestic manufacturing ecosystem.

“Securing the SJVN FDRE-IV project with peak power effectively utilizes the available transmission capacity from night-time connectivity, enabling us to realize early revenue. This is a win-win for both the customer and ACME Solar, as it’s the lowest price achieved in a pure peak power tender so far,” said Rahula Kashyapa, Chief Commercial Officer, ACME Solar.

As of date, the company has an operational capacity of 2,918 MW and an under-construction capacity of 4,472 MW, including 13.5 GWh of BESS installations.

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