Rewa Solar Park Developers To Get $440m Debt From IFC

Rewa Solar Park Developers To Get $440m Debt From IFC

The World Bank’s International Finance Corp (IFC) will provide $440 million in debt to Mahindra Renewables Pvt. Ltd, Acme Group and global private equity fund Actis Llp to build the Rewa solar park in Madhya Pradesh.

India’s solar power sector turned a corner after the record low winning bids of Rs2.97 per kilowatt-hour (kWh) to build the 750 megawatt (MW) plant at Rewa in Madhya Pradesh in February. With an effective levelized tariff—the average of different annual tariffs over the 25-year period of the power purchase agreement—of around Rs3.30 per unit, power from the sun became a competitive energy source vis-à-vis coal-fuelled conventional electricity.

The Rewa project is to be commissioned in December 2018. Read More…

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