Mahindra Set to Develop IFC-Backed Solar Project worth 250 MW in Rajasthan

Mahindra Renewables Private Limited has announced that it is planning to capitalize about $171 million to set up an IFC-backed 250 MW solar power project in Rajasthan around 1200 acres at Bhiv Ji ka Gaon Village in Bap Tehsil, Jodhpur District.

The International Finance Corporation (IFC) has announced that it is planning to lend $36 million for the 250 MW solar project by Mahindra Renewables in Rajasthan. The project involves an IFC ‘A’ Loan investment of Rupee equivalent of the $36 million to the company and assistance in the mobilization of the syndicated parallel loan of Rupee equivalent of $93 million for the development, financing, construction of the Project.

The IFC will provide fixed interest rate local/Rupee currency loans with long term maturity of up to 20 years. This will improve Project viability against interest rate fluctuations.

The project is part of the Solar Energy Corporation of India’s (SECI) 2 GW interstate transmission system (ISTS) connected solar project that was auctioned in 2018.

In that auction, Mahindra Susten, along with ACME Solar, Shapoorji Pallonji, Hero Solar, Mahoba Solar (Adani), and Azure Power, emerged as the winners. Mahindra was awarded 250 MW capacity in the tender with a bid amount of Rs 2.53/kWh.

Solar PV | News published on 10/01/2020 by News Bureau

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