CRISIL Ratings has assigned a 'CRISIL 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. This rating covers the 300 MW ISTS solar power project located in Jaisalmer, Rajasthan, backed by a ?990 crore term loan from the Indian Renewable Energy Development Agency Limited (IREDA).
CRISIL cited strong revenue visibility, healthy financial metrics, robust debt-servicing capability, and a secure cash flow mechanism as key factors supporting the high rating. The project benefits from a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) at a fixed tariff, ensuring long-term cash flow stability. SECI’s proven track record of timely payments further strengthens the project's credit profile.
Additionally, CRISIL noted that the project was completed efficiently at a competitive capital cost and is currently outperforming initial generation estimates, reinforcing its strong operational and financial outlook.