IFC proposes $50mn debt finance for Thar Surya solar power project

| | Chennai
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IFC proposes $50mn debt finance for Thar Surya solar power project

Sunday, 11 April 2021 | IANS | Chennai

IFC proposes $50mn debt finance for Thar Surya solar power project

International Finance Corporation (IFC) plans to debt finance the construction of Thar Surya 1 Pvt Ltd’s 300 MW solar power project in Bikaner, Rajasthan by $50 million.

Apart from lending $50 million, IFC will also mobilise $100 million debt through parallel lenders.

According to IFC, the total solar power project cost is estimated at $200 million.

The solar power project is sponsored by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power S.p.A., an existing IFC client.

Enel Green Power is one of the largest renewable energy developer in the world with 49 GW installed capacity across wind, solar, geothermal and hydropower projects, and with presence in 28 countries.

Enel Green Power is a subsidiary of Enel S.p.A., Italy.

The solar power generation project was awarded by Solar Energy Corporation of India (SECI).

The power generated by Thar Surya will be sold to SECI under 25 year Power Purchase Agreement (PPA).

Rewa: A view of the Ultra Mega Solar Power project in Madhya Pradesh’s Rewa that was inaugurated by Prime Minister Narendra Modi from New Delhi via video conferencing on July 10, 2020. Union Power Minister RK Singh and Madhya Pradesh Chief Minister Shivraj Singh Chouhan were among the dignitaries present on the occasion.

The 750-MW solar project is said to be Asia’s biggest. The Rs 4,000-crore project has three units of 250 MW each at a solar park spread over 1,500 hectares developed by Rewa Ultr.

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