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Solar stock jumps 5% after it receives ₹3,753 Cr loan from REC for projects in Rajasthan

A solar company secured ₹3,753 crore funding from REC for 320 MW projects in Rajasthan and Gujarat, collaborating with SJVN to advance India’s renewable energy goals and sustainable solutions.
REC funds ₹3,753 crore for 320 MW solar projects in Rajasthan and Gujarat, boosting India's renewable energy goals.
REC funds ₹3,753 crore for 320 MW solar projects in Rajasthan and Gujarat, boosting India's renewable energy goals.

Introduction:

A leading solar company has secured ₹3,753 crore in funding from REC Limited for 320 MW green energy projects in Rajasthan and Gujarat. Collaborating with SJVN, the projects aim to strengthen India’s renewable energy goals through advanced planning, secured grid connectivity, and sustainable solutions.

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Share price movement of ACME Solar Holdings:

As of November 18, 2024, ACME Solar Holdings Ltd opened at ₹235.10, hit an intraday low of ₹228.40 and high of ₹251.90, reflecting a 7.86% increase. The company’s market capitalization stands at ₹15,060.63 crore.

ACME Solar Holdings project: 

ACME Solar’s subsidiary, ACME Sun Power secured a ₹3,753 crore term loan from REC Limited for 320 MW green energy projects in Rajasthan and Gujarat. The projects involve collaboration with SJVN and focus on expanding India’s renewable energy goals.

ACME Solar announced that a Power Purchase Agreement (PPA) has been signed with SJVN, grid connectivity is secured, and land acquisition is in advanced stages. REC Limited, a Maharatna company, will be the sole lender, financing the entire project’s development and construction.

Manoj Kumar Upadhyay, ACME Solar’s Chairman, expressed gratitude for REC’s support, emphasizing trust in their renewable energy ventures. The projects aim to boost India’s clean energy footprint, reflecting ACME Solar’s diversification from solar projects to becoming a leader in integrated renewable energy solutions.

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Recent news About ACME Solar Holdings:

On November 13, 2024, ACME Solar Holdings Ltd. debuted on the stock exchanges, listing at ₹251 on the NSE, a 13.15% discount to its IPO price of ₹289, reflecting a tepid market response. 

Shareholding pattern of ACME Solar Holdings:

SummaryNov 12, 2024
Promoter 83.40%
FII6.70%
DII 5.80%
Public4.10%
Others0.00%
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About ACME Solar Holdings:

ACME Solar Holdings is a prominent renewable energy company focused on developing large-scale solar and green energy projects. It specialises in sustainable energy solutions, expanding its portfolio across India to include integrated renewable energy systems, aiming to align with the nation’s clean energy goals.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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