The shares of ACME Solar Holdings Limited concluded trading on the National Stock Exchange (NSE) today at ₹255.65, with an increase of ₹3.85 or 1.53%.
In a recent development, ICRA has assigned an ‘ICRA AA-/Stable’ rating to the ₹990 crore term loan facility of ACME Dhaulpur Powertech Private Limited, a wholly owned subsidiary of ACME Solar Holdings Limited. This rating pertains to a 300 MW solar power project located in Jaisalmer, Rajasthan, which is financed by the Indian Renewable Energy Development Agency Limited.
The project has been operational since January 2025, achieving a capacity utilization factor of 29.05 percent since its commissioning. This marks the second AA- rating assigned to the project, with a previous similar assessment from CRISIL. The new rating is anticipated to help lower borrowing costs in accordance with lender requirements.
ICRA cited several strengths that support this rating, including the experience of the project sponsor, revenue visibility, robust debt coverage metrics, and the reliability of the counterparty. The project operates under a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India Limited, which offers long-term cash flow stability.
Additionally, the rating agency noted that competitive project costs, lower borrowing expenses, and satisfactory generation performance are expected to yield strong debt coverage metrics. The stable outlook is attributed to consistent cash flows from the long-term PPA, stable generation levels, and timely collections from the buyer.
ACME Solar Holdings boasts a diversified renewable energy portfolio, with 2,918 MW of operational capacity and 4,472 MW currently under construction, including 13.5 GWh of battery energy storage systems. The company engages in comprehensive project development and operations via its in-house Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) divisions.
Published on November 12, 2025.
