ICRA Upgrades ACME Aklera Loan Rating To AA-/Stable

24 Sep 2025 CW Team

ICRA Limited has upgraded the credit rating of the long-term loan facility of ACME Aklera Power Technology Private Limited (AKPTPL), a wholly owned subsidiary of ACME Solar Holdings Limited, to ‘ICRA AA-/Stable’ from ‘ICRA A+/Stable’. The rating applies to 250 MW of renewable energy capacity in Rajasthan, linked to a Rs 10.7 billion term loan from Bank of America, Standard Chartered Bank and India Infradebt Limited.

ICRA noted the strengthening of ACME Solar’s credit profile, strong revenue visibility, robust generation performance, and successful refinancing of its earlier loan on favourable terms as key reasons for the upgrade.

The rating also reflects AKPTPL’s solid operational profile, supported by a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff arrangement ensures predictable long-term cash flows, while SECI’s consistent record of timely payments further enhances the company’s credit profile.

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