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ACME Solar to set up $200-mn power project in MP with IFC backing

ACME Solar has been granted, through international competitive bidding, a 250MW solar power project within the 750-MWac Rewa Ultra Mega Solar Park (solar park) in the Rewa district of Madhya Pradesh. IFC plans to invest upto $50 million in the company besides helping the company to mobilise $100 million. 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 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 involves the development, financing, construction, operation and maintenance of a 250MWac solar photovoltaic plant by ACME Solar within the Rewa Ultra Mega Solar Park.The project will be developed by ACME Jaipur Solar Power Private Limited, a wholly owned subsidiary of ACME Solar.ACME Solar is an independent power producer, which ...