ACME Solar Holdings Ltd on Wednesday announced that its subsidiary, ACME Hybrid Urja Pvt Ltd, has secured ?3,184 crore in project financing from state-run REC Ltd for a 280 MW Firm and Dispatchable Renewable Energy (FDERE) project.

REC will act as the sole lender, providing long-term funding for 18 years, the company said in a statement. The funds will be utilised for the development and construction of the FDERE project, which has been contracted with NHPC.