ACME Group received final approval for credit facility of $100 million loan from Asian Development Bank. The first tranche of $ 50 million would be utilises in developing 100 mw solar power project in Rajasthan and the remaining amount of loan shall be used for its upcoming projects.
Manoj Kumar Upadhyay, founder & chairman, ACME Group said, “This expression of interest depicts the potential of solar power in the country. The impetus provided by the financial institutions will help the sector to tide over the challenges and increase its share from 1% to 3% in the overall energy mix.”
ACME Group has already secured investment from IFC of up to $34 million for the 100 mwproject in Rajasthan.
The company has a portfolio of 197.5 mw including 100 mw awarded under the Jawaharlal Nehru National Solar Mission Phase II, in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh. The company aims to generate 1,000 mw by the year 2017.
