IFC to back Actis’s 250MW Indian solar farm

The World Bank affiliate is looking to lend $50m to the project and mobilise up to $100 million from other lenders.

The International Finance Corporation is considering a $50 million loan for a 250MW solar project in India sponsored by Actis-backed developer Solenergi Power. 

In addition to its A-loan, the IFC said it is also looking to mobilise up to $100 million from other lenders. 

The debt will be used to fund construction of the $200 million project, which is part of a 750MW solar park being developed in the Rewa district of Madhya Pradesh. The project has secured offtake agreements with Madhya Pradesh Power Management Company and Delhi Metro Rail Corporation, and is expected to become operational by December 2018.

Solenergi Power is a platform company under Actis's Energy Fund IV, a $2.75 billion vehicle that closed this March. The IFC committed $100 million to the fund, which targets controlling stakes in Latin American, African and Asian electricity generation and distribution businesses.  

The IFC agreed in January to help the Indian government attract funding for the 750MW Rewa Solar Park, which is set to become one of the world's largest solar sites. The park, covering 1,500 hectares of land, is equally divided into three units, with the other two being developed by Mahindra Renewables and Acme Solar.

India's Solar Energy Corporation of India aims to develop at least 50 solar parks with a capacity of 500MW or above by 2020. The South Asian country aims to have 100GW of solar installed by 2022.