News On Projects
Products & Services
Projects Database
Tenders Database
E - Newsletter
EPXonline.com
Project Financing
Contracts & Awards
Energy
Electricity
Mining
Oil & Gas
Infrastructure
Airport
Port
Railway
Road
Freezone
Construction
Manufacturing
Cement
Engineering
Automobile
Plastic
Metal
Textile
Paper & Packaging
Leather
Sugar
Edible Oil
Electrical & Electro
Processing
Chemical
Drugs & Pharma
Fertiliser
I-C-T
Communication
IT
Telecom
Water
Pump Station
Water Treatment
Water Supply
Hospitality
Hotel
Restaurant
Resort
Entertainment
Sports
Multiplex
Theme Park
Food & Beverages
Hospital
Service
Social
Science
Irrigation
Government
Policy
Economic Indicators
Company News
Commerce
Miscellaneous
News Uploaded On : Thursday, January 11, 2018 10:32:00 AM IND Back  |  Latest Projects  |  Latest Tenders
 
 E-mail this to a friend        Printable version       Story Viewed 450 Times
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 Mega Solar Park in the Rewa district of Madhya Pradesh. The solar park is being developed by Rewa Ultra Mega Solar Limited (RUMSL), a joint venture between Madhya Pradesh Urja Vikas Nigam Limited (“MPUVNL”) and the Solar Energy Corporation of India (SECI). Madhya Pradesh Urja Vikas Nigam Limite is a state government agency.

The project is expected to be commissioned by December 2018. The off-takers for it will be Madhya Pradesh Power Management Company Limited (MPPMCL) and Delhi Metro Rail Corporation (DMRC).

The government of Madhya Pradesh appointed IFC as the lead transaction advisor to enable RUMSL and GoMP to facilitate the entire private investment for the Rewa Solar project. IFC's role includes advising and identifying the project structure. The corporation upon request will help implement solutions for key commercial, legal, regulatory, technical and system operations related issues.

It will also design a transparent auction process to help select private entities to develop the units in the Rewa Solar project.

IFC said that it will provide long tenor fixed rate local currency financing with a debt repayment profile that matches the cash flows of the project. The long-lived nature of the assets is being financed.

The World Bank's investment arm will also play a catalytic role in arranging additional finance. IFC will mobilise a significant portion of the debt for the project. IFC's global expertise in financing renewable energy projects and sector knowledge will make the project easier.

The solar park is located across five villages, namely, Badwar, Barsaita Desh, Barsaita Pahad, Etar Pahad and Ramnagar Pahad under Gurh Tehsil in Rewa District, MP. The solar park is equally spanided among three units, each of which will have a 250 MWac solar power plant. MRPL has won project development rights for Unit I of the park.

The project will help in achieving the government's Intended Nationally Determined Contribution of reducing the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 levels. It targets to reach about 40 percent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030.

BS

Post your comments:

Your name: *
E-Mail Id:
E-mail ID will not be published
Comment: *
Maximum 500 Characters
    
Related Stories
Adani group to invest Rs. 750 cr in West Bengal.
Scientific publisher Omics scripts major expansion; plans ₹1,000-cr investment.
Reliance will invest ₹5,000 crore in West Bengal: Mukesh Ambani.
Nalco seeks approval for Pottangi bauxite mining lease in Koraput.
Essar Steel gets consent to establish Odisha iron ore block.
JSW Steel hopes to start work on 12 mt Paradip steel plant in FY19.
Jubilant Life receives green nod for Rs. 2.5-bn greenfield pesticide project.
Cairn India to invest Rs. 370 bn to ramp up crude production in Rajasthan.
Dredging Corporation set to land Kochi port contract on aggressive bidding.
MCF to invest Rs. 1,5000 cr. to double double production of fertilizers.
RELATED PROJECTS & TENDERS

Projects

... More projects

Tenders

Click here to view Tenders Database
ADVERTISEMENT
MOST POPULAR STORIES NOW
For all enquiries please contact
Tel: 022 - 25961254, 25960909
Mobile: 9821464666/09751178830
Mail: marketing@newsonprojects.com

OUR OTHER PRODUCTS & SERVICES:    Projects Database   |   Project e-Newsletter   |   Tenders Database   |   Commissioned Power Plants   |   Company Index
About Us   |   Contact Us   |   Terms of Use   |   Advertise with Us   |   Privacy Policy   |   Disclaimer   |   Feedback