IFC Set To Invest Rs 2,800 Crore In MP Solar Park

IFC Set To Invest Rs 2,800 Crore In MP Solar Park

In one of the biggest deals in the renewable energy space, International Finance Corporation (IFC), part of World Bank group, is close to investing $440 million or Rs 2,800 crore in Rewa Ultra Mega Solar Park in Madhya Pradesh.

The investment will be in the form of debt in three companies — Mahindra Renewables, Acme and Actis — that are setting up units in the solar park, a person close to IFC told ET. The 750 megawatt (MW) park has commitments from Mahindra Renewables, Acme and Actis.

“This investment by IFC will be in the form of debt in the three companies that are setting up the units, each of 250 MW,” a person in the know said.

The investment comes from a kitty put aside by IFC for India renewable energy investments. “IFC has put aside $1 billion including mobilisation, to renewable energy space in India,” said a person in know of the matter. Read More…

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