ACME Solar share price shoots up over 17% in two trading sessions; find out why

The stock was trading 7.53% higher at ₹270.65 per share on the NSE at 2:02 pm. The market capitalisation of the company stands at ₹16,403.93 crore.

On Monday, the scrip had zoomed 10% to ₹251.70 apiece.

ACME Solar arm secures ₹3,753 crore Loan from REC Ltd

ACME Sun Power Pvt Ltd, a wholly-owned subsidiary of ACME Solar Holdings Ltd, has received ₹3,753 crore term loan financing from state-run REC Limited for the development ad construction of a 320 megawatt (MW) firm and dispatchable renewable energy (FDRE) projects in collaboration with 'Navratna' SJVN.

The project would be located at Rajasthan's Jaisalmer for solar capacity and Bhuj and Jam Khambhaliya, Gujarat for wind sites.

"Power Purchase Agreement (PPA) has been signed with SJVN and the grid connectivity has also been secured. The land acquisition process is in advanced stages," the company said in an exchange filing.

Manoj Kumar Upadhyay, Chairman and Founder of ACME Solar Holdings, stated, "We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders."

He added that the financial assistance would facilitate the development of world-class FDRE renewable energy projects.

Recently, another FDRE project, ACME Surya Power Pvt Ltd, had secured project financing from REC Ltd.

ACME Solar Holdings is a renewable energy-independent power producer (IIP). It is ranked among the top 10 renewable energy players in India. The company develops, builds, owns, operates and maintains utility-scale renewable energy projects and earns revenue from the sale of electricity to various off-takers.