Kolkata, November 13, 2025: In a significant development for India’s renewable energy sector, ICRA has assigned an ‘ICRA AA-/Stable’ rating to the long-term bank facilities of ACME Dhaulpur Powertech Private Limited (ADPPL), a wholly owned subsidiary of ACME Solar Holdings Limited. The rating covers Rs 990 crore in long-term bank facilities extended by the Indian Renewable Energy Development Agency Limited (IREDA) for ADPPL’s 300 MW ISTS-connected solar power project located in Jaisalmer, Rajasthan.
This marks the second AA- rating secured by the project, complementing an earlier rating from CRISIL, and is expected to bring reduction in borrowing costs for the company as per lender covenants. The solar plant, which has been operational since January 2025, has demonstrated strong generation performance, achieving a Capacity Utilisation Factor (CUF) of 29.05% since commissioning.According to ICRA, the rating reflects a combination of robust operational performance, the experience and credibility of the sponsor, predictable revenue visibility, and timely realisation of payments from a strong counterparty. ADPPL has a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI), a Government of India enterprise, which ensures long-term stability in cash flows.ICRA highlighted that the project benefits from a competitive capital cost structure, declining borrowing costs, and a satisfactory generation track record, all of which support healthy debt protection metrics. These strengths, coupled with SECI’s timely payments and low counterparty risk, reinforce the project’s financial resilience.
Stable Outlook
The Stable outlook underscores ICRA’s expectation of continued strong operational performance and sustained cash flow visibility, backed by the long-term PPA and efficient operations. The company’s liquidity position is expected to remain comfortable, supported by predictable inflows and steady generation.
