The International Finance Corporation IFC is mullling to provide a US$150-million financing package for the development of a 250 MW solar power plant in Madhya Pradesh.
The proposed financing will involve a loan of US$50 million on IFC's account, and mobilisation of US$100 million from other lenders.
The project was won by Solenergi Power Private Ltd, a company instituted under ACTIS Energy Fund 4, within the 750 MW Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh.
Rewa Ultra Mega Solar Limited (RUMSL), is a joint venture between the Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVN).
The 750 MW capacity project was auctioned in three packages of 250 MW each, and will be one of the biggest single site solar projects in the world. The three winning bidders for the project are Mahindra Renewables, ACME Solar, and Solenergie.
The winning bidders signed two sets of power purchase agreements with the Madhya Pradesh Power Management Corporation Ltd (MPPMCL) and the Delhi Metro Rail Corporation. With about 24% percent of energy from the park being sold to the Delhi Metro, it will meet about 80% of daytime energy requirement of Delhi Metro.
Arinsun, a subsidiary of Solenergi, will undertake the project development, construction, financing, operations and maintenance of this plant.
The state government has appointed IFC as the lead transaction adviser to facilitate private investment for the Rewa solar project.
Sembcorp Utilities has entered into an agreement to acquire IDFC Private Equity Fund III (IDFC)’s remaining stake in Sembcorp Green Infra (SGI), for INR14 billion (US$218 million). With this, Sembcorp will become the sole owner of SGI.
Read moreIBC SOLAR AG has signed a Power Purchase Agreement (PPA) for a 20 MW AC solar plant with the Solar Energy Corporation of India (SECI).
Read moreIndia's National Thermal Power Corporation (NTPC) has launched a tender seeking interested developers for a 250 -MW Grid-connected Solar PV Power plant under DCR Category.
Read moreSolar Energy Corporation of India (SECI) has received bids as low as INR 2.20 (US$ 0.034) per kWh in a 500-MW rooftop solar tender for government buildings in India.
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