ICRA Limited has assigned an 'ICRA AA-/Stable' credit rating to ACME Sikar Solar Pvt Ltd (ASSPL) for its INR 1,209 crore long-term fund-based term loan. This rating is expected to potentially reduce ASSPL's financing cost by approximately 25 basis points, in addition to a prior reduction of 170 basis points achieved through recent refinancing from Yes Bank Limited. The rating rationale highlights ASSPL's 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), which mitigates demand and pricing risks. The strong credit profile of SECI ensures timely payments within 10 days of bill issuance. The rating also considers ACME Sikar's competitive project costs and recent refinancing at favorable interest rates and financing terms, contributing to a healthy cumulative debt service coverage ratio. ACME Solar Holdings Limited is a significant integrated renewable energy player with a diverse portfolio of 7,770 MW across solar, wind, storage, FDRE, and hybrid solutions. The company has an operational contracted capacity of 2,962 MW and 4,808 MW under construction, including approximately 16 GWh of BESS installation. ACME Solar manages the end-to-end development and operation & maintenance of its plants through its in-house EPC and O&M divisions, ensuring timely and cost-effective project delivery and maintaining industry-leading capacity utilization factors and operating margins.