Gurugram, July 4, 2025—CRISIL Ratings has accorded its ‘CRISIL AA-/Stable’ rating to the ₹890 crore long-term bank facilities of ACME Raisar Solar Energy Pvt Ltd (ARSEPL), a wholly owned subsidiary of ACME Solar Holdings Limited. The rating applies to a 300 MW (AC) solar power project in Fategarh, Rajasthan, financed through a term loan from REC Limited.
CRISIL cited ARSEPL’s robust revenue visibility under a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI) as a primary credit strength. The fixed tariff structure ensures predictable cash flows over the project’s tenure, while SECI’s established track record of punctual payments reinforces the reliability of receipts.
In its rationale, CRISIL highlighted the project’s strong operational profile since commissioning. High solar irradiance at the Rajasthan site, coupled with advanced tracking technology, has delivered stable generation levels and industry-leading capacity utilization factors, thereby underpinning debt-servicing capability.
Financial metrics further bolster the rating. ARSEPL demonstrated a conservative capital structure and a healthy interest coverage ratio during its first six months of commercial operation. The company’s disciplined cost management and prudent working-capital practices provide additional comfort on repayment prospects.
A structured cash-flow mechanism enhances security for lenders. Collections under the PPA are routed through escrow accounts with predefined trigger events, ensuring timely servicing of principal and interest obligations. A debt-service reserve account further mitigates short-term liquidity risks.
The rating also reflects the financial benefit arising from the upgrade. Upon completion of six months of operations, ARSEPL is expected to secure a 75-basis-point reduction in its borrowing cost. REC Limited will adjust the term-loan rate to 8.95 percent, with potential additional savings from anticipated base-rate reductions or refinancing opportunities.
CRISIL has assigned a Stable outlook to the long-term rating, reflecting its expectation of continued timely payments from SECI and sustained operational performance. The outlook underscores resilience in the renewable energy sector and supportive regulatory frameworks promoting solar infrastructure.
ACME Solar Holdings commands a diversified renewable portfolio totaling 6,970 MW of capacity and 550 MWh of storage across solar, wind, storage, floating-solar, dual-axis and hybrid assets. Of this, 2,890 MW is operational, while 4,080 MW and 550 MWh are in various stages of project execution.
The group’s vertically integrated business model—including in-house engineering, procurement and construction (EPC), as well as operations and maintenance (O&M) services—ensures efficient delivery schedules and cost optimization. This end-to-end capability has yielded superior operating margins and sector-leading plant availability metrics.
With its strengthened credit profile, ACME Raisar Solar is well positioned to capitalize on India’s accelerating energy transition. The AA-/Stable rating enhances ARSEPL’s attractiveness to lenders and investors seeking exposure to secured, long-duration cash flows in the renewable energy space.
By securing this high‐grade rating, ACME Solar reinforces its reputation as a reliable developer and operator of clean-energy assets. The company remains focused on scaling its footprint, driving operational excellence and contributing to India’s goal of achieving net-zero emissions by 2070.