International Finance Corp, a member of work bank group, today announced sanctioning of Rs 202.2 cr ($34 million) loan for ACME Solar Energy Pvt Ltd (ASEPL) with a possible syndication of up to Rs388 crore ($66 million) taking the total to Rs 590 cr ($100 million) for its 100 MW solar power project in Jodhpur district of Rajasthan.
The Rajasthan project is expected to be commissioned by April 2015. The off taker for the Project will be Solar Energy Corporation of India (SECI), a government of India entity. SECI plans to sign an Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) agreements for the project with Acme Cleantech Solutions Limited and ASEPL respectively.
The Project Cost is estimated at about INR 8,080 million ($136 million) equivalent. The proposed IFC investment consists of an IFC ?A? Loan of up to Rs 202 cr ($34 million) and possible syndication of up to Rs 3,88 cr ($66 million), IFC said on its website.
Confirming the development, Manoj Kumar Upadhyay, chairman and managing director, ACME group said, ?We are thankful to IFC for considering our proposal to fund these projects. Such moves validate financial institutions interest in renewable story of India. Clear policies and focus of the current government in renewable sector have given huge impetus for solar industry in the country. I believe India is poised to become one of the largest and most competitive solar power generator in coming years.?
Last year, IFC had provided the first tranche of Rs 71 cr ($12.5 million) senior loan to ASEPL for its 25 MW Madhya Pradesh solar power plant. The firm is presently operating 42.5 MW solar power plants in Gujarat, Rajasthan and Madhya Pradesh and is in process of commissioning another 25 MW in Odisha. ACME Solar is also believed to be interested in bidding for 1000 MW solar power tenders in the states of Telangana and Andhra Pradesh.