Mahindra Renewables To Invest $171 Million In Rajasthan's Solar Project

Mahindra Renewables Private Limited (MRPL), a wholly owned subsidiary of Mahindra Group (worth $20.7 billion) cleantech arm Mahindra Susten Private Ltd (MSPL) is planning to invest around $171 million to set up a 250 mega watt (MW) solar power project in Rajasthan.

The project will be backed by International Finance Corporation (IFC).

The proposed project will consume around 1200 acres (486 hectares) at Bhiv ji ka gaon Village in Bap Tehsil, Jodhpur District in Rajasthan. IFC’s estimated project cost is Rupee equivalent of around $171 million.

The project involves an IFC ‘A’ Loan investment of Rupee equivalent of $36 million to the company and assistance in mobilization of the syndicated parallel loan of Rupee equivalent of $93 million for the development, financing, construction of the Project.

Rewa Ultra Mega Solar Park

MRPL is an existing portfolio client of IFC having committed a 20-year local currency loan in February 2018 for development of a 250 MW solar project within the Rewa Ultra Mega Solar Park in the State of Madhya Pradesh.

MRPL was awarded the development of 250MW solar photovoltaic power project in the state of Rajasthan under an electronic reverse auction held by the Solar Energy Corporation of India (SECI).

Reference- Business Standard, Economic Times, Mercom India