Arinsun Clean Energy, a subsidiary of Solenergi Power (SPPL) will develop a 250 MW solar park in Madhya Pradesh. The project will entail an investment of around USD 200 million.
International Finance Corporation (IFC), a member of the World Bank Group, is planning to back the project. The proposed solar project will be located at the 750 MW Rewa ultra mega solar park in Madhya Pradesh.
SPPL has won project development rights for Unit-III of the solar park. The solar park is equally divided into three units, each having a 250 MW solar power plant.
The proposed IFC investment includes providing an IFC A loan, subscribing to non-convertible debentures (NCDs) of upto USD 50 million and mobilisation of a loan of upto USD 100 million from other lenders.
Rewa Ultra Mega Solar (RUMSL) is developing the project which is likely to be commissioned by December 2018.