Mahindra Renewables to set up 250 MW solar plant in Rajasthan
The project will be backed by IFC
Mahindra Renewables (MRPL), a wholly-owned subsidiary of Mahindra Group cleantech arm Mahindra Susten (MSPL), is planning to make an investment to the tune of around $171 million to solar power project in Rajasthan.
The company will set up 250 MW solar plant and the project will be backed by the International Finance Corporation (IFC).
The proposed project will be set up over 1,200 acre (486 ha) at Bhiv ji ka gaon Village in Bap Tehsil, Jodhpur district in the state.
The project involves an IFC ‘A’ Loan investment of $36 million to the company and assistance in mobilisation of the syndicated parallel loan of $93 million for the development, financing, construction of the project.
IFC will provide fixed interest rate local/Rupee currency loan with long term maturity of up to 20 years.
MRPL is an existing client of IFC having committed a 20 year local currency loan in February 2018 for development of 250 MW solar power project within the Rewa Ultra Mega Solar Park in Madhya Pradesh.
The company was awarded the development of 250 MW solar photovoltaic power project in of Rajasthan under an electronic reverse auction held by the Solar Energy Corporation of India (SECI).