ACME Solar Completes ₹2,147 Crore Refinancing, Fully Redeems Offshore Dollar Bonds
ACME Solar Holdings Limited has successfully completed a ₹2,147 crore refinancing transaction, enabling the company to redeem the existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs).
The refinancing has also resulted in the full redemption of the underlying offshore dollar bonds under the orphan structure, marking another step in ACME Solar’s efforts to optimise its financing structure and reduce borrowing costs.
₹2,147 Crore Refinancing Completed
According to the company’s announcement dated August 12, 2026, ACME Solar refinanced ₹2,147 crore of existing debt.
The refinancing covered NCDs issued by 12 operational SPVs, representing a cumulative solar capacity of 450 MW. These NCDs were originally issued in August 2021 under the company’s Restricted Group (RG) Structure.
Alongside the refinancing, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed.
With this transaction, ACME Solar said that its total financing raised during the current fiscal year has reached ₹8,198 crore.
Refinancing to Reduce Borrowing Cost
The long-term refinancing has been availed from the National Bank for Financing Infrastructure and Development (NaBFID).
One of the key benefits of the transaction is a reduction in borrowing costs.
ACME Solar said the refinancing has reduced the borrowing cost by approximately 150 basis points across the issuing SPVs.
The lower borrowing cost is expected to support stronger project cash flows and improve the company’s long-term capital structure.
ACME Solar’s Restricted Group Structure
The RG Structure consists of 12 operational solar assets.
According to the company, 56% of the overall capacity under the structure is tied up with central utilities, including SECI and NTPC, while the remaining capacity is tied up with various state offtakers.
The RG Structure has received a provisional AA- rating from CARE Ratings, which, according to ACME Solar, demonstrates the rating agency’s comfort with the operational and financial parameters of these assets.
What the Refinancing Means for ACME Solar
The refinancing transaction is important for ACME Solar for several reasons.
First, it allows the company to replace existing financing with long-term domestic refinancing. Second, the transaction reduces the borrowing cost by approximately 150 basis points.
The full redemption of the offshore dollar bonds also removes the company’s exposure to that particular offshore financing structure.
The company expects the lower financing cost to contribute to stronger project cash flows and a more efficient long-term capital structure.
ACME Solar’s Renewable Energy Portfolio
ACME Solar Holdings is an integrated renewable energy company with a diversified portfolio spanning:
- Solar
- Wind
- Energy storage
- Firm and Dispatchable Renewable Energy (FDRE)
- Hybrid renewable energy solutions
The company stated that its overall portfolio stands at 8,070 MW.
Its current portfolio includes:
| Particulars | Capacity |
|---|---|
| Total diversified portfolio | 8,070 MW |
| Operational contracted capacity | 2,990 MW |
| BESS capacity | ~3.62 GWh |
| Under-construction contracted capacity | 5,080 MW |
| Under-construction PPA-signed portfolio | 3,880 MW |
In-House EPC and O&M Capabilities
ACME Solar has in-house Engineering, Procurement and Construction (EPC) as well as Operations and Maintenance (O&M) capabilities.
The company develops and operates renewable energy projects across their lifecycle.
According to ACME Solar, its integrated capabilities help it deliver projects in a time- and cost-effective manner while maintaining operating performance.
The company also highlighted its industry-leading Capacity Utilisation Factor (CUF) and operating margins as indicators of its operating performance.
Focus on Financial Optimisation
The latest refinancing transaction highlights ACME Solar’s focus on managing its financing costs as it expands its renewable energy portfolio.
With ₹8,198 crore of financing raised during the current fiscal year, the company is actively accessing long-term funding to support its renewable energy operations and growth.
The approximately 150-basis-point reduction in borrowing costs on the refinanced SPVs could provide additional support to project-level cash flows.
Disclaimer: This article is based on ACME Solar Holdings Limited’s press release dated August 12, 2026 and is intended for informational purposes only. It should not be considered investment advice.