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ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.

RG Structure comprises of 12 Operational Solar Assets, with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various State offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID). This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.

ACME Solar Holdings Limited is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.

ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.

RG Structure comprises of 12 Operational Solar Assets, with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various State offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID). This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.

ACME Solar Holdings Limited is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.

ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.

RG Structure comprises of 12 Operational Solar Assets, with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various State offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID). This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.

ACME Solar Holdings Limited is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.

ACME Solar has successfully completed the refinancing of INR 2,147 crore, thereby redeeming existing Non-Convertible Debentures (NCDs) issued by 12 operational special purpose vehicles (SPVs), representing a cumulative capacity of 450 MW, in August 2021 under the Restricted Group (RG) Structure. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. This takes the total financing raised so far during the current fiscal to Rs 8,198 crore.

RG Structure comprises of 12 Operational Solar Assets, with 56% of the overall capacity being tied up with Central Utilities viz. SECI and NTPC and rest capacity tied up with various State offtakers. RG structure is provisionally rated as AA- from CARE ratings which demonstrates credit rating agency comfort on the operational and financial parameters of these assets.

This long-term refinancing has been availed from National Bank for Financing Infrastructure and Development (NaBFID). This has reduced the borrowing cost by approximately 150 basis points across these issuing SPVs, resulting in stronger project cash flows and an enhanced long-term capital structure.

ACME Solar Holdings Limited is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions and an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity and under construction contracted capacity of 5,080 MW. The under construction PPA signed portfolio stands at 3,880 MW. With an in-house EPC and O&M division, the company does end-to-end development and O&M of the plants, thereby delivering projects in a time & cost-effective manner while ensuring best in class operating performance evident in its industry leading CUF and operating margins.

Pahal Solar Pvt. Ltd., a fast-growing Indian solar module manufacturer, announced that it has been awarded a Top Rating for bankability by DNV, one of the world’s foremost independent risk assurance and certification bodies. The rating places Pahal Solar among a select group of module manufacturers globally recognized by financiers, EPC players, and developers as a dependable, bankable choice for utility-scale and rooftop solar investments.

The DNV bankability rating is based on a rigorous assessment of a manufacturer’s financial stability, manufacturing quality systems, technology track record, and long-term reliability factors that directly influence lending and investment decisions on solar projects. Achieving a top rating gives banks, NBFCs, and project developers greater confidence when financing projects that use Pahal Solar modules.

“This recognition is a validation of the discipline our entire team has brought to manufacturing, testing, and after-sales commitment since day one. Quality was never a department at Pahal Solar; it has been the foundation the company was built on.” Mr.Paresh Shingala-Chairman at Pahal Solar Pvt Ltd.

Established in 2016, Pahal Solar has grown into a 3 GW Al-integrated, fully automated solar module manufacturing facility in Surat, producing high-efficiency N-Type TOPCon dual-glass bifacial modules. Backed by a robust in-house quality infrastructure, the company conducts comprehensive testing of modules and critical materials throughout the manufacturing process. Each production batch undergoes stringent performance and durability checks prior to dispatch, ensuring consistent product reliability and reinforcing the quality standards that underpin the company’s latest DNV rating.

Alongside the rating announcement, Pahal Solar confirmed a significant capacity expansion at its Surat facility, deepening its backward integration across the module value chain:
Module capacity: expanding from 3 GW
Solar cell capacity: 2.4 GW
Aluminium frame capacity: 3 GW
Ribbon capacity: 3 GW (production already commenced)
EPE (encapsulant) capacity: 3 GW

The expansion is designed to give Pahal Solar greater control over critical raw materials and components, strengthening quality consistency, supply reliability, and cost competitiveness as demand for domestically manufactured, bankable modules continues to rise across India’s utility, commercial, and government-backed solar programs.

Pahal Solar Pvt. Ltd., a fast-growing Indian solar module manufacturer, announced that it has been awarded a Top Rating for bankability by DNV, one of the world’s foremost independent risk assurance and certification bodies. The rating places Pahal Solar among a select group of module manufacturers globally recognized by financiers, EPC players, and developers as a dependable, bankable choice for utility-scale and rooftop solar investments.

The DNV bankability rating is based on a rigorous assessment of a manufacturer’s financial stability, manufacturing quality systems, technology track record, and long-term reliability factors that directly influence lending and investment decisions on solar projects. Achieving a top rating gives banks, NBFCs, and project developers greater confidence when financing projects that use Pahal Solar modules.

“This recognition is a validation of the discipline our entire team has brought to manufacturing, testing, and after-sales commitment since day one. Quality was never a department at Pahal Solar; it has been the foundation the company was built on.” Mr.Paresh Shingala-Chairman at Pahal Solar Pvt Ltd.

Established in 2016, Pahal Solar has grown into a 3 GW Al-integrated, fully automated solar module manufacturing facility in Surat, producing high-efficiency N-Type TOPCon dual-glass bifacial modules. Backed by a robust in-house quality infrastructure, the company conducts comprehensive testing of modules and critical materials throughout the manufacturing process. Each production batch undergoes stringent performance and durability checks prior to dispatch, ensuring consistent product reliability and reinforcing the quality standards that underpin the company’s latest DNV rating.

Alongside the rating announcement, Pahal Solar confirmed a significant capacity expansion at its Surat facility, deepening its backward integration across the module value chain:
Module capacity: expanding from 3 GW
Solar cell capacity: 2.4 GW
Aluminium frame capacity: 3 GW
Ribbon capacity: 3 GW (production already commenced)
EPE (encapsulant) capacity: 3 GW

The expansion is designed to give Pahal Solar greater control over critical raw materials and components, strengthening quality consistency, supply reliability, and cost competitiveness as demand for domestically manufactured, bankable modules continues to rise across India’s utility, commercial, and government-backed solar programs.

Pahal Solar Pvt. Ltd., a fast-growing Indian solar module manufacturer, announced that it has been awarded a Top Rating for bankability by DNV, one of the world’s foremost independent risk assurance and certification bodies. The rating places Pahal Solar among a select group of module manufacturers globally recognized by financiers, EPC players, and developers as a dependable, bankable choice for utility-scale and rooftop solar investments.

The DNV bankability rating is based on a rigorous assessment of a manufacturer’s financial stability, manufacturing quality systems, technology track record, and long-term reliability factors that directly influence lending and investment decisions on solar projects. Achieving a top rating gives banks, NBFCs, and project developers greater confidence when financing projects that use Pahal Solar modules.

“This recognition is a validation of the discipline our entire team has brought to manufacturing, testing, and after-sales commitment since day one. Quality was never a department at Pahal Solar; it has been the foundation the company was built on.” Mr.Paresh Shingala-Chairman at Pahal Solar Pvt Ltd.

Established in 2016, Pahal Solar has grown into a 3 GW Al-integrated, fully automated solar module manufacturing facility in Surat, producing high-efficiency N-Type TOPCon dual-glass bifacial modules. Backed by a robust in-house quality infrastructure, the company conducts comprehensive testing of modules and critical materials throughout the manufacturing process. Each production batch undergoes stringent performance and durability checks prior to dispatch, ensuring consistent product reliability and reinforcing the quality standards that underpin the company’s latest DNV rating.

Alongside the rating announcement, Pahal Solar confirmed a significant capacity expansion at its Surat facility, deepening its backward integration across the module value chain:
Module capacity: expanding from 3 GW
Solar cell capacity: 2.4 GW
Aluminium frame capacity: 3 GW
Ribbon capacity: 3 GW (production already commenced)
EPE (encapsulant) capacity: 3 GW

The expansion is designed to give Pahal Solar greater control over critical raw materials and components, strengthening quality consistency, supply reliability, and cost competitiveness as demand for domestically manufactured, bankable modules continues to rise across India’s utility, commercial, and government-backed solar programs.

Pahal Solar Pvt. Ltd., a fast-growing Indian solar module manufacturer, announced that it has been awarded a Top Rating for bankability by DNV, one of the world’s foremost independent risk assurance and certification bodies. The rating places Pahal Solar among a select group of module manufacturers globally recognized by financiers, EPC players, and developers as a dependable, bankable choice for utility-scale and rooftop solar investments.

The DNV bankability rating is based on a rigorous assessment of a manufacturer’s financial stability, manufacturing quality systems, technology track record, and long-term reliability factors that directly influence lending and investment decisions on solar projects. Achieving a top rating gives banks, NBFCs, and project developers greater confidence when financing projects that use Pahal Solar modules.

“This recognition is a validation of the discipline our entire team has brought to manufacturing, testing, and after-sales commitment since day one. Quality was never a department at Pahal Solar; it has been the foundation the company was built on.” Mr.Paresh Shingala-Chairman at Pahal Solar Pvt Ltd.

Established in 2016, Pahal Solar has grown into a 3 GW Al-integrated, fully automated solar module manufacturing facility in Surat, producing high-efficiency N-Type TOPCon dual-glass bifacial modules. Backed by a robust in-house quality infrastructure, the company conducts comprehensive testing of modules and critical materials throughout the manufacturing process. Each production batch undergoes stringent performance and durability checks prior to dispatch, ensuring consistent product reliability and reinforcing the quality standards that underpin the company’s latest DNV rating.

Alongside the rating announcement, Pahal Solar confirmed a significant capacity expansion at its Surat facility, deepening its backward integration across the module value chain:
Module capacity: expanding from 3 GW
Solar cell capacity: 2.4 GW
Aluminium frame capacity: 3 GW
Ribbon capacity: 3 GW (production already commenced)
EPE (encapsulant) capacity: 3 GW

The expansion is designed to give Pahal Solar greater control over critical raw materials and components, strengthening quality consistency, supply reliability, and cost competitiveness as demand for domestically manufactured, bankable modules continues to rise across India’s utility, commercial, and government-backed solar programs.

Pahal Solar Pvt. Ltd., a fast-growing Indian solar module manufacturer, announced that it has been awarded a Top Rating for bankability by DNV, one of the world’s foremost independent risk assurance and certification bodies. The rating places Pahal Solar among a select group of module manufacturers globally recognized by financiers, EPC players, and developers as a dependable, bankable choice for utility-scale and rooftop solar investments.

The DNV bankability rating is based on a rigorous assessment of a manufacturer’s financial stability, manufacturing quality systems, technology track record, and long-term reliability factors that directly influence lending and investment decisions on solar projects. Achieving a top rating gives banks, NBFCs, and project developers greater confidence when financing projects that use Pahal Solar modules.

“This recognition is a validation of the discipline our entire team has brought to manufacturing, testing, and after-sales commitment since day one. Quality was never a department at Pahal Solar; it has been the foundation the company was built on.” Mr.Paresh Shingala-Chairman at Pahal Solar Pvt Ltd.

Established in 2016, Pahal Solar has grown into a 3 GW Al-integrated, fully automated solar module manufacturing facility in Surat, producing high-efficiency N-Type TOPCon dual-glass bifacial modules. Backed by a robust in-house quality infrastructure, the company conducts comprehensive testing of modules and critical materials throughout the manufacturing process. Each production batch undergoes stringent performance and durability checks prior to dispatch, ensuring consistent product reliability and reinforcing the quality standards that underpin the company’s latest DNV rating.

Alongside the rating announcement, Pahal Solar confirmed a significant capacity expansion at its Surat facility, deepening its backward integration across the module value chain:
Module capacity: expanding from 3 GW
Solar cell capacity: 2.4 GW
Aluminium frame capacity: 3 GW
Ribbon capacity: 3 GW (production already commenced)
EPE (encapsulant) capacity: 3 GW

The expansion is designed to give Pahal Solar greater control over critical raw materials and components, strengthening quality consistency, supply reliability, and cost competitiveness as demand for domestically manufactured, bankable modules continues to rise across India’s utility, commercial, and government-backed solar programs.