With IFC as financier, Actis-backed Rewa unit achieves financial closure

Actis-backed Spring Energy has achieved financial closure for 250 Mw unit of Rewa Ultra Mega Solar park in Madhya Pradesh. International Finance Corporation, a part of the World Bank Group, is investing $440 million along with domestic lenders in the 750 Mw project.

Besides Spring Energy, IFC would be extending debt to Mahindra Renewables and Acme, the two developers who are also putting 250 Mw each at Rewa. According to Shalabh Tandon, South Asia head, climate business and clean energy, IFC, the other two units would be reaching financial closure soon. IFC is extending a debt of $45 million to