IFC to give Rs 202 crore for 100-MW solar project in Rajasthan

Project will be located around Bari Seer village in Jodhpur district

The International Finance Corp will provide about Rs 202 crore loan for a 100-MW solar project being developed by ACME Solar Energy in Rajasthan.

Overall cost of the plant is about Rs 808 crore.

IFC, which is a part of the World Bank Group, had earlier extended funding for ACME's solar project in Madhya Pradesh.

"The proposed IFC investment consists of an IFC 'A' Loan of up to Rs 2,019 million (approximately USD 34 million) and possible syndication of up to Rs 3,883 million (approximately USD 66 million)," according to the global lender.

The 100-MW project would be developed by five subsidiaries of Acme Solar Energy Private Ltd -- Ranji Solar Energy, Acme Gurgaon Power, Acme Rajdhani Power, Acme Mumbai Power and Medha Energy.

It would be located around Bari Seer village in Jodhpur district, Rajasthan. The project is expected to be commissioned by April 2015.

"The project is the second and final tranche of the overall envelope for debt funding in the amount of USD 50 million which IFC had provided to ACME Solar...," IFC said while providing details about the project.

Through the first tranche, IFC had financed Acme's 25 MW solar project in Madhya Pradesh.

About getting IFC funding, ACME Group Founder, Chairman and Managing Director Manoj Kumar Upadhyay said in a statement that such moves validate financial institutions interest in renewable story of India.