IFC to grant Rs 202 crore for 100-MW Rajasthan solar project

The International Finance Corp (IFC) is planning to provide Rs 202 crore loan for a 100-MW solar project in Rajasthan, developed by ACME Solar Energy.

The plant is estimated to have a total expenditure of approx. Rs 808 crore.

IFC, a part of the World Bank, had earlier also funded for ACME’s another solar project in Madhya Pradesh.

The proposed IFC investment consists of an IFC ‘A’ Loan of up to Rs 2,019 million and possible syndication of up to Rs 3,883 million, noted the IFC bank officials.

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This 100-MW project will be jointly developed by five subsidiaries of Acme Solar, namely Ranji Solar Energy, Acme Gurgaon Power, Acme Rajdhani Power, Acme Mumbai Power and Medha Energy.

The plant location is finalized as Bari Seer village in Jodhpur district, Rajasthan. The project will be commissioned by April 2015.

The project is the second and final release of the complete debt funding totaling up to USD 50 million provided by IFC to ACME Solar.

Initiatives like these certify the interest of global financial institutions in renewable sector of India, said, Manoj Kumar Upadhyay, chairman, MD, ACME Group Founder.

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