Piramal Finance Limited Introduces a Unique ‘Flexi Line of Credit’ for the Renewable Energy Sector
– Sanctions an Additional INR700cr to ACME Solar Holdings Limited –
Kolkata, July 5, 2017: In an effort to establish their consolidated presence in the non conventional energy industry segment Piramal Enterprises Limited made a strategic move through its subsidiary Piramal Finance Limited (PFL) and sanctioned an additional INR700Cr to ACME Solar Holdings Limited (“ASHL”).
This multi million deal was made through Corporate Finance Group (“CFG”) of Piramal Finance Limited by introducing a new product – a Flexi Line of Credit – for the renewable energy sector. This aims to make a line of funding available to the borrower based on operational projects, with the flexibility to draw/repay during the tenure.
ACME is one of the largest Independent Power Producers (IPP) in solar energy space in the country with a portfolio of over 1.8GW. The current operational capacity by July end is over 1 GW, reaching 1.4 GW by September end and company is present across the 14 states. PFL had first invested Rs. 499 Cr with ACME in July 2016, together with its partner APG.
Mr. Khushru Jijina, Managing Director, Piramal Finance Ltd., said, “We are pleased to offer the second round of funding to ACME group with our unique ‘Flexi Line of Credit’. ACME has a strong track record of execution, with projects spread across the country, which reduces the off-take risk, and has signed PPAs for the complete portfolio. In addition, our first round of funding has already seen pre-payments taking place in a short span of time. They are among the best managed renewable energy companies in the country, in terms of quality of portfolio and growth.