India's ACME Solar Holdings announced on August 27, 2026 that it has secured Rs. 1,571 crore in long-term project funding from India Infrastructure Finance Company Ltd. (IIFCL) for its 300 MW assured peak power (APP) project in Rajasthan. The project pairs utility-scale solar generation with a 1,350 MWh battery energy storage system and is being developed by subsidiary ACME Renewtech Sixth.
Structure of the deal
IIFCL is acting as the sole lender for the project with a repayment tenor of 19 years — the first sole greenfield financing IIFCL has extended to ACME. The Rs. 1,571 crore facility sits inside a total project capex of Rs. 2,123 crore and lifts ACME Solar's cumulative financing raised in the current fiscal year to Rs. 10,976 crore, as the company continues to redraw its capital stack around battery-backed hybrid assets rather than pure solar farms.
Assured peak power: solar plus 4.5-hour battery
Under the offtake structure, ACME executed a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a tariff of Rs. 6.28 per kWh. The 1,350 MWh BESS (roughly 4.5 hours of storage at nameplate power) is intended to guarantee dispatchable, peak-window generation into the grid regardless of solar irradiance — the increasingly popular APP tender structure that has largely replaced round-the-clock solar in India's federal auctions.
Execution status
Grid connectivity for the site is already operational, and both the pooling substation and dedicated transmission line are at advanced stages of completion. ACME said land for the plant has been 'substantially secured,' positioning the project for on-time construction. The company also commissioned 15 MW / 240.75 MWh of BESS elsewhere in Rajasthan on August 27, taking ACME Suryodaya's commissioned capacity to 300 MW / 1,354 MWh, and it signed a separate PPA with Northeast Frontier Railway this week for a 130 MW round-the-clock renewable project at Rs. 4.35/kWh scheduled for February 2029 commissioning.
Rajasthan cementing its hybrid-renewables hub status
The financing announcement adds another data point to a busy month for Indian storage. It follows ACME Suryodaya's earlier 3.62 GWh BESS milestone at Pokhran and lands alongside Larsen & Toubro's 6 GWh Middle East BESS EPC win. Analysts have raised ACME Solar's share price target to Rs. 423 on the back of the battery-storage rollout and equity-raise plans.
Reporting based on coverage from Saur Energy, Business Standard, Renewable Watch, TaiyangNews and ACME Solar's investor disclosures.