SEI Solar to Raise Rs 270CR from IFC

Published November 23rd 2012 at 11:21am

SEI Solar Power Pvt Ltd will raise around $34.3m from the International Finance Corp oration (IFC) to support its proposed greenfield solar farm project in Rajasthan.

SEI Solar is a joint venture between SunEdison Energy and Astronergy Solar Korea Co Ltd.

The fund raising will help the company develop, construct, own and operate a 24MW greenfield solar PV power plant at Ugaras village in Jodhpur district.

It is considering providing a combination of loan structures up to $34.3 million in Indian Rupees equivalent to support the project with a total investment of around $49 million (around Rs 270.5 crore). The project has been awarded under the second batch of first phase of Jawaharlal Nehru National Solar Mission.

It is being executed as a JV between SunEdison and Astronergy Solar Korea. The output would be sold to NTPC Vidyut Vyapar Nigam Ltd, under a 25-year power purchase agreement signed in January.

The deadline for commissioning is February 2013.

Besides increasing the generation of renewable power, the project will help a Chinese private company expand its business in India, according to the IFC.


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