ACME Solar to set up $200-mn power project in MP with IFC backing

DMRC, MPPMCL among off-takers for the project

ACME Solar has been granted, through international competitive bidding, a 250-megawatt (Mw) solar power project within the 750-Mwac Rewa Ultra Mega Solar Park (solar park) in the Rewa district of Madhya Pradesh. IFC plans to invest up to $50 million in the company, besides helping it mobilise $100 million.

The estimated project cost is around $200 million. The proposed IFC investment involves providing an IFC loan/subscribing to non-convertible debentures (NCDs) of up to $50 million and mobilisation of loans of up to $100 million from other lenders. Proceeds from the IFC investment will be used by the company for the construction