Gurugram: 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 upgraded rating applies to AKPTPL’s 250 MW renewable energy capacity located in Rajasthan, backed by an INR 1,072 crore term loan facility from Bank of America, Standard Chartered Bank, and India Infradebt Limited.
ICRA cited several key factors for the rating enhancement, including the strengthening of the parent company ACME Solar’s credit profile, robust revenue visibility, healthy generational performance, and successful refinancing of its previous loan at favourable terms.
The rating also reflects AKPTPL’s strong operational profile, supported by a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff under the PPA ensures long-term cash flow predictability, while SECI’s consistent track record of timely payments further reinforces the company’s creditworthiness.
