ICRA Limited has assigned an ‘ICRA AA-/Stable’ credit rating to ACME Sikar Solar Pvt Ltd (ASSPL) for its ₹1,209 crore long-term debt, a wholly owned subsidiary of ACME Solar Holdings Ltd.
The upgraded rating is expected to reduce ACME Sikar’s financing cost by nearly 25 basis points (bps), in addition to the 170 bps rate reduction achieved through recent refinancing with Yes Bank Limited, further strengthening the project’s financial profile.
ICRA stated that the rating factors in ACME Sikar’s 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), which effectively mitigates demand and pricing risks. Additional comfort is derived from SECI’s strong credit profile, ensuring timely payment realisation within 10 days of bill submission.
The rating also reflects ACME Sikar’s competitive project cost structure and recent refinancing at favourable interest rates and financing terms, enabling the project to sustain a healthy cumulative debt service coverage ratio (DSCR).
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