January 13 (Renewables Now) - The International Finance Corporation (IFC) is considering to invest USD 36 million (EUR 32.4m) in debt in a 250-MW solar project in India, proposed by domestic firm Mahindra Renewables Pvt Ltd.
Mahindra Renewables, a subsidiary of solar engineering group Mahindra Susten, is developing the solar photovoltaic (PV) project in Rajasthan’s Jodhpur district. The estimated investment required for its implementation is around USD 171 million, IFC said in a disclosure last week.
The World Bank’s arm announced its plan to lend USD 36 million and said it might also assist in the mobilisation of a USD-93-million syndicated parallel loan. The money is intended to back the development, financing and construction of the scheme, to be built by Mahindra Susten. Mahindra Teqo Pvt Ltd, another unit of Mahindra Susten, will handle the operation and maintenance of the power plant following completion.
Mahindra Renewables won the solar project in a 2018 tender by the Solar Energy Corporation of India (SECI) that targeted 2 GW of interstate transmission system (ISTS)-connected solar projects. A power purchase agreement (PPA) was signed in December 2018.
(USD 1.0 = EUR 0.899)