The company will receive the loan in multiple tranches.

The first tranche of $50m will be used for the development of 100MW project in Rajasthan, India, while the remaining amount will be used for its upcoming projects.

Acme Group founder and chairman Manoj Kumar Upadhyay said: "This expression of interest depicts the potential of Solar Power in the country which has been facilitated by sound policy framework and focus of the current government on the renewable sector.

"The impetus provided by the financial institutions will help the sector to tide over the challenges and increase its share from 1% to 3% in the overall energy mix."

Acme Group has already secured $34m loan last month from International Finance Corporation (IFC) to develop 100MW project in Rajasthan.

IFC also provided INR730.9m ($11.846m) earlier to the company for the 25MW solar power project, which was commissioned early this year in Madhya Pradesh, India.

Currently, the company owns a portfolio of 197.5MW, which include 100MW Jawaharlal Nehru National Solar Mission (JNNSM) Phase II Projects, in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh.

The company intends to generate 1,000MW by 2017.