IFC to provide debt for Actis-owned Solenergi’s solar project

The International Finance Corporation IFC is mullling to provide a US$150-million financing package for the development of a 250 MW solar power plant in Madhya Pradesh.

The proposed financing will involve a loan of US$50 million on IFC's account, and mobilisation of US$100 million from other lenders.

The project was won by Solenergi Power Private Ltd, a company instituted under ACTIS Energy Fund 4, within the 750 MW Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh. 

Rewa Ultra Mega Solar Limited (RUMSL), is a joint venture between the Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVN).

The 750 MW capacity project was auctioned in three packages of 250 MW each, and will be one of the biggest single site solar projects in the world. The three winning bidders for the project are Mahindra Renewables, ACME Solar, and Solenergie. 

The winning bidders signed two sets of power purchase agreements with the Madhya Pradesh Power Management Corporation Ltd (MPPMCL) and the Delhi Metro Rail Corporation. With about 24% percent of energy from the park being sold to the Delhi Metro, it will meet about 80% of daytime energy requirement of Delhi Metro. 

Arinsun, a subsidiary of Solenergi, will undertake the project development, construction, financing, operations and maintenance of this plant.

The state government has appointed IFC as the lead transaction adviser to facilitate private investment for the Rewa solar project.