IFC to back Mahindra Renewables to develop solar park in MP

Mahindra Renewables Private Limited (MRPL), a 100 per cent subsidiary of Mahindra Susten Private Limited plans to develop a solar park in Madhya Pradesh that will be backed by the International Finance Corporation (IFC).

The estimated project cost is around Rs 12.8 billion. The proposed IFC investment involves a loan of up to Rs 3.2 billion and a potential mobilisation of Rs 6.4 billion from other lenders. Proceeds from the IFC investment will be used by the company for the construction of the project.

MRPL has been granted a 250 MWac solar power project within the 750 MWac Rewa Ultra