Mahindra Achieves Financial Closure in Rewa Solar Park

Mahindra Renewables, a wholly-owned subsidiary of Mahindra Susten, has achieved financial closure of a 250 MW grid-connected solar photovoltaic (PV) project being developed in the Rewa Solar Park in the state of Madhya Pradesh.

The firm achieved the financial closure of the grid-connected solar PV project through a ₹7.5 billion ($115.5 million) loan from the Yes Bank, a leading private sector bank in India, and a financial assistance of ₹2 billion ($30.8 million) from other financial institutions.

The Rewa Solar Project by Mahindra Renewables is another step towards augmenting India’s renewable energy capacity and Yes Bank’s support to this project builds on its commitment to mobilize $5 billion in funding for solar projects in India by 2030.