ACME Solar Holdings on Thursday said it has secured ₹2,646.64 crore in long-term project financing from REC Ltd for its 450 MW/1,800 MWh Assured Peak Power (Firm and Dispatchable Renewable Energy) project.The funding, raised by ACME Greentech Seventh, will be used for the development and construction of the project, the company said in a statement. REC will be the sole lender for the project, with the loan having a tenure of 20 years. The project is backed by a 25-year power purchase agreement (PPA) signed with SJVN Ltd at a tariff of ₹6.74 per unit. The Assured Peak Power project integrates solar power generation with a Battery Energy Storage System (BESS) to deliver predictable and dispatchable renewable energy, enabling it to meet peak power supply obligations.The project is backed by two 25-year power purchase agreements (PPAs) signed with SJVN in March this year after ACME Solar won the utility’s Tranche-IV FDRE tender. It will be connected to the Inter-State Transmission System (ISTS) and developed using the company’s existing connectivity in Rajasthan’s high solar irradiation zones. Under the agreements, ACME will supply four hours of assured peak power during non-solar hours with 90% monthly and annual availability.The financing comes as ACME Solar continues to expand its portfolio across renewable energy and storage projects. The company said it currently has a diversified portfolio of 8,070 MW spanning solar, wind, hybrid, energy storage and firm and dispatchable renewable energy (FDRE) solutions. Of this, 2,990 MW is operational, while 5,080 MW of contracted capacity is under construction.ACME Solar is also building around 18 GWh of battery energy storage capacity, with an operational and under-construction storage portfolio of about 21.3 GWh, including around 3.3 GWh of operational contracted BESS capacity. The company added that its under-construction portfolio includes 3,580 MW of projects backed by signed power purchase agreements.Published on July 16, 2026