January 10 (Renewables Now) - The International Finance Corporation (IFC) is considering investing INR 3.2 billion (USD 50m/EUR 42m) in a 250-MW solar project in India owned by Mahindra Renewables Pvt Ltd.
The INR-12.8-billion project will be developed within the 750-MW Rewa solar complex in Madhya Pradesh. In a disclosure on Tuesday, cited by Indian media, the IFC said it has offered to provide a senior loan of up to INR 3.2 billion. It may also assist in the extension of a syndicated loan of up to INR 6.4 billion.
Mahindra Renewables will use the financing to develop, build, operate and maintain the 250-MW solar plant near villages Badwar and Barsaita, the first stage of the Rewa complex. Commissioning of the facility is expected by December 2018.
The Indian firm won the 250-MW portion of the 750-MW complex. The other two parts of the huge project will be developed by ACME Solar and Solenergie Power.
IFC said last spring it will mobilise USD 550 million in private investment for the 750-MW solar project.
(INR 10 = USD 0.157/EUR 0.131)