ALSO READArinsun Clean Energy to develop 250-Mw solar park in MP for $200 mn Rewa achieves commercial close with signing of PPAs With Rewa, it's a new dawn for solar energy Solar park tenders, power purchase on hold as Rewa bids disrupt market Solar tariff creates history again, touches Rs 3.15/unit in AP Solar Park
Actis Energy Fund-backed Arinsun Clean Energy, a subsidiary of Solenergi Power (SPPL), will develop a 250-megawatts (Mw) solar park at a cost of $200 million. International Finance Corporation (IFC) is planning to back the project, which will be located at the 750-Mw Rewa Ultra Mega Solar Park in Madhya Pradesh.
SPPL has won project development rights for Unit III of the park. The estimated project cost is around $200 million.
The proposed IFC investment involves providing an IFC A loan, subscribing to non-convertible debentures (NCDs) of up to $50 million and mobilisation of a loan of up to $100 million from other lenders.
Proceeds from the IFC investment will be used by the company for the construction of the Project.
The project is expected to be commissioned by December 2018. The off-takers for the project will be Madhya Pradesh Power Management Company (MPPMCL) and Delhi Metro Rail Corporation (DMRC).
IFC's role includes advising on a robust project structure, identifying, recommending and helping in implementing solutions for key commercial, legal, regulatory, technical and system operations, and designing a transparent auction process to help select private entities to develop the units in the Rewa Solar project.