Mahindra Renewables to invest US$ 171 million in solar project in Rajasthan

Mahindra Renewables Private Limited (MRPL) is planning to invest around US$ 171 million to set up a 250 mega watt (MW) solar power project in Rajasthan.

MRPL is a wholly owned subsidiary of Mahindra Group (worth US$ 20.7 billion) cleantech arm Mahindra Susten Private Ltd (MSPL) The project will be backed by International Finance Corporation (IFC).

The 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 US$ 171 million. The project involves an IFC ‘A’ Loan investment of Rupee equivalent of US$ 36 million to the company and assistance in mobilisation of the syndicated parallel loan of Rupee equivalent of $93 million for the development, financing, construction of the Project.

Loan investment of Rupee equivalent of US$ 36 million to the company and assistance in mobilisation of the syndicated parallel loan of Rupee equivalent of $93 million for the development, financing, construction of the Project.

IFC will provide fixed interest rate local/Rupee currency loan with long term maturity of up to 20 years. This will improve Project viability against interest rate fluctuations.

Image Credit : thehindubusinessline.com

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