SEI Solar Power Pvt Ltd will raise around $34.3 from the International Finance Corporation (IFC) to support its proposed greenfield solar farm project in Rajasthan.
SEI Solar is a joint venture between Singapore-based SunEdison Energy and Astronergy Solar Korea Co Ltd
The fund raising will help the company develop, construct, own and operate a 24 Mw greenfield solar PV power plant at Ugaras village in Jodhpur district.
It is considering providing a combination of loan structures up to $34.3 million in Indian Rupees equivalent to support the project with a total investment of around $49 million (around Rs 270.5 crore). The project has been awarded under the second batch of first phase of Jawaharlal Nehru National Solar Mission.
It is being executed as a JV between SunEdison, an IFC investee, and Astronergy Solar Korea, a subsidiary of Chint Solar (Zhejiang) Co Ltd.
The output would be sold to state-owned power trading company, NTPC Vidyut Vyapar Nigam Ltd, under a 25-year power purchase agreement signed in January.
NTPC VIdyut is a wholly-owned subsidiary of NTPC Ltd, the largest state-owned generator of thermal power. The deadline for commissioning is February 2013.
Besides increasing the generation of renewable power, the project will help a Chinese private company expand its business in India, according to the IFC.