Acme Solar Holdings Ltd announced today Crisil Ratings has reassigned ‘Crisil A+/Positive’ rating to the company’s long-term bank facilities of INR 200 crore. Crisil has also assigned ‘Crisil A+/Positive’ rating to Acme Solar Holdings’ enhanced long-term bank facilities of INR 150 crore.
Crisil Ratings assigned ratings to these bank facilities on company request. “The ratings reflect the [company’s] track record of development and operation of renewable power assets, above-average financial profile supported by diverse portfolio of assets, and above-average financial flexibility supported. These strengths are partially offset by implementation risk and investment requirement of under-construction portfolio and variability in operating margin of engineering, procurement and construction (EPC) segment,” stated Crisil.
Crisil Ratings noted Acme Solar Holdings’ successful equity listing in Nov. 2024, leading to a raise of INR 2,395 crore through fresh issue by the company. Acme Solar Holdings has repaid INR 2,069 crore of debt (subsidiary project loan/ non project loan) from IPO proceeds.
“Also, it [Acme Solar Holdings] has long track record of refinancing projects at a lower rate of Interest which gives comfort to overall liquidity of the group. In-house execution of single-location largest solar project (1.2 GW) in Rajasthan in the current year proves the group’s ability to deliver projects of large scale,” stated Crisil.
In line with changed philosophy of management and group structure post listing, Crisil Ratings revised its analytical approach of assessing Acme Solar Holdings independently from Acme Cleantech Solutions. This is because the scope of the holding companies has been redefined. [Acme Cleantech Solutions would serve as promoter holding company and undertake ventures such as development of green ammonia projects. Acme Solar Holdings would be the developer and operator for renewable energy projects including conventional solar and wind, round-the-clock, firm and dispatchable renewable energy, battery and pumped hydro projects. All EPC and O&M would be done by Acme Solar Holdings or its wholly owned subsidiaries.”
Crisil stated that the proportion of Acme Solar Holdings’ operational portfolio composition may improve through commissioning of under implementation portfolio, especially projects with storage requirements, within time and cost.
Established in 2015, Acme Solar Holdings is a renewable power developer with 2.54 GW of operational capacity and another 2.34 GW of capacity under construction. Their projects include pure-play solar and wind power projects and FDRE, hybrid and solar power projects with energy storage systems. Apart from this, Acme Solar Holdings is also into EPC and O&M for in-house renewable power projects.
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