India’s ACME secures ADB loan for 200 MW of solar projects
Solar panels in India. Author: Kiran Jonnalagadda. License: Creative Commons
Oct 17, 2014 - Indian developer ACME Solar Power Pvt Ltd has received final clearance for a USD-100-million (EUR 78m) loan from the Asian Development Bank (ADB) to build 200 MW of solar parks at home.
ACME Solar will receive the financing in multiple tranches, it said on Thursday. The first portion, USD 50 million, will go for the development of a 100-MW solar project in the state of Rajasthan, while the rest will be used for upcoming projects. The financing will be extended between 2014 and 2016, according to ADB’s website.
In September, ACME Solar said it will receive a USD-34-million loan from the International Finance Corp (IFC) for the 100-MW solar park in Rajasthan. The scheme is being developed under the second round of India’s Jawaharlal Nehru National Solar Mission (JNNSM) and is seen to be completed by April 2015.
ACME Solar is owned by India’s ACME Group, French green energy company EDF Energies Nouvelles (EDF EN) and Societe Internationale d’Investissements Financiers ENR. The developer aims to install 1,000 MW of solar parks by 2017.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.