The International Finance Corporation (IFC), a unit of the World Bank, is set to invest up to US$36 million through debt financing in the 250 MW solar photovoltaic plant proposed by Mahindra Renewables Pvt Ltd in India.
The solar project, to be developed in the Jodphur district in Rajasthan, will represent about US$171 million of investment. Solar engineering group Mahindra Susten, a unit of Mahindra Renewables will build the project.
IFC will also offer assistance to the developers in the mobilization of about US$93 million syndicated parallel loan. The loan financing will fund the construction of the solar scheme.
Solar Energy Corporation of India (SECI) will purchase the energy produced through a power purchase agreement (PPA) signed in December 2018.
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