CRISIL Rates Rs 2,086 Cr ACME Projects 'AA-/Stable'

25 Jul 2025 CW Team

CRISIL Ratings has assigned a 'CRISIL AA-/Stable' rating to the long-term bank facilities worth Rs 2.08 billion of ACME Deohar Solar Power (ADSPPL) and ACME Phalodi Solar Power (APSPPL). Both entities are wholly owned subsidiaries of ACME Solar Holdings (ASHL), and the rating pertains to their renewable energy projects in Rajasthan with a combined capacity of 600 MW. The loan facility has been sanctioned by Power Finance Corporation.

The rating reflects strong revenue visibility, healthy financial metrics, robust debt servicing capability, and a secure cash flow structure. A key strength cited by CRISIL is the presence of 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), offering fixed tariffs that ensure long-term cash flow predictability. SECI’s proven track record of timely payments further strengthens the credit profile.

CRISIL also highlighted the efficient capital cost and strong performance of the projects, with actual generation exceeding projections—ADSPPL at approximately 31.3% and APSPPL at around 30.6%. Within six months of commissioning, all four ASHL assets in Fatehgarh, Rajasthan, have received 'AA' family ratings from CRISIL, opening doors for future bond issuances and refinancing opportunities.

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