IFC proposes $50m investment in Mahindra Renewables’ solar PV plant
The International Finance Corporation (IFC), the private investment arm of The World Bank, has proposed to invest $50 million in Mahindra Renewables Pvt Ltd’s (MRPL) solar photovoltaic plant, it said in a disclosure on January 9. Mahindra Renewables has been granted, through international competitive bidding, a 250MW solar power project within the 750MWac Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh. The solar park is being developed by Rewa Ultra Mega Solar Limited (RUMSL), via a transaction advised on by IFC’s public private partnership team. RUMSL is a joint venture company promoted by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) – a Madhya Pradesh State Government agency and the Solar Energy Corporation of India (SECI) – a Government of India controlled parastatal. “The proposed IFC investment involves a straight senior loan up to INR 3200 million (equivalent of $50 million) and may assist in mobilisation of the syndicated parallel loan of up to another INR 64000 million (equivalent of $100 million),” the disclosure said. Proceeds from the IFC investment will used by the company for the development, financing, construction, operation and maintenance of the 250 MWac solar photovoltaic plant located near villages Badwar and Barsaita (unit I in the solar park).
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