Deal factsCountry: India · Technology: Solar plus storage · Stage: Financing · Size: 300 MW / 1,350 MWh · Value: INR 1,571 crore · Parties: ACME Solar, IIFCL, SECI
ACME Solar Holdings has secured INR 1,571 crore (around USD 164.6 million) in project finance from India Infrastructure Finance Company Limited for a 300 MW assured peak power project in Rajasthan that combines solar generation with a 1,350 MWh battery energy storage system. IIFCL is the sole lender on the 19-year facility, which covers the bulk of a total project cost of INR 2,123 crore.
The project is contracted to Solar Energy Corporation of India under a 25-year power purchase agreement at a tariff of INR 6.28 per kWh. Assured peak power contracts require developers to guarantee supply during defined evening and morning peak windows, which is why the plant carries storage capacity equivalent to four and a half hours of its rated output. The tariff sits well above plain solar bids in India but reflects the firm delivery obligation.
According to the company, grid connectivity for the project is already operational, the pooling substation and transmission line are at an advanced stage and land has been substantially secured. The financing is described as the first greenfield loan arrangement between ACME and IIFCL, a state-backed infrastructure lender that has been expanding its exposure to renewable and storage assets.
The deal takes ACME’s total project funding raised in the current financial year to INR 10,976 crore. The company reports a diversified portfolio of 8.37 GW, of which 2.99 GW is operational and 5.38 GW is under construction, alongside 3.62 GWh of battery storage capacity across solar, wind, storage and hybrid projects.
The announcement landed in the same week that Mercom India reported 6.6 GW of rooftop solar additions in the first half of 2026, up 131 percent year on year, and as Kerala’s regulator published draft tariff rules for energy storage covering FY2028 to FY2032, underlining how quickly storage is moving into the mainstream of Indian power procurement.
Why does this matter?
A single state lender writing a 19-year cheque for a solar and storage project shows that Indian domestic finance is now comfortable underwriting battery-backed firm power at scale. For developers and suppliers, it confirms that assured peak and dispatchable tenders can reach financial close on long tenors without foreign debt.
What happens next?
With debt in place and connectivity live, ACME will move into full construction of the solar array and the 1,350 MWh battery block, which means near-term orders for modules, cells, inverters and balance of plant. The company still has a large under-construction pipeline to finance this year, so further lender announcements are likely. Storage suppliers targeting India should expect similar assured peak power projects to seek closing in the coming months.
Sources: pv magazine India: ACME Solar raises INR 1,571 crore for 300 MW assured peak power project; Mercom India: Daily News Wrap-Up: India Rooftop Solar Additions Surge 131% in 1H 2026
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