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ACME Solar to set up $200-mn power project in MP with IFC backing

DMRC, MPPMCL among off-takers for the project

T E Narasimhan  |  Chennai 

solar power, renewable energy

has been granted, through international competitive bidding, a 250-megawatt (Mw) solar within the 750-Mwac Ultra Mega (solar park) in the district of plans to invest up to $50 million in the company, besides helping it mobilise $100 million.

The estimated project cost is around $200 million. The proposed investment involves providing an loan/subscribing to non-convertible debentures (NCDs) of up to $50 million and mobilisation of loans of up to $100 million from other lenders. Proceeds from the investment will be used by the company for the construction of the project.

The project involves the development, financing, construction, operation and maintenance of a 250M2ac solar photovoltaic plant by within the Ultra Mega

The project will be developed by ACME Jaipur Solar Power Private Limited, a wholly owned subsidiary of

is an independent power producer, which builds, owns and operates solar power plants in It has an operating capacity of over 809-Mw solar projects in is a wholly owned subsidiary of ACME Cleantech Solutions Private Limited (ACSPL).

The is being developed by Ultra Mega Solar Limited (RUMSL), a joint venture between Urja Vikas Nigam Limited (MPUVNL) and the Solar Energy Corporation of (SECI).

The project is expected to be commissioned by November 2018. The off-takers for the project will be Power Management Company Limited (MPPMCL) and Rail Corporation (DMRC).

The state government appointed as the lead transaction advisor to enable RUMSL and the government to facilitate the entire private investment for the solar project. IFC's role includes advising on the project structure, besides identifying, recommending and helping implement issues related to solutions for key commercial, legal, regulatory, technical and system operations. Along with these, is also responsible for designing a transparent bidding process to help select private entities to develop the units in the solar project.

First Published: Thu, August 31 2017. 15:46 IST