Mahindra Solar & Kiran Energy to get $26 Million from IFC for 50 MW of Solar PV Projects…

Power India found that the Mahindra Solar One Private Limited and Kiran Energy Ltd. are planning to get around $26 Million from the International Finance Corporation (Investment arm of the World Bank) for the three Solar PV Projects.

 

The list of projects:

The proposed project involves the construction of three greenfield solar power plants in Rajasthan, India

• a 20 MW solar photovoltaic (“PV”) plant wholly-owned by Mahindra Suryaprakash Ltd. (“Mahindra Suryaprakash”, a wholly owned subsidiary of Mahindra Solar One Private Limited (“Mahindra Solar One”), an existing IFC client).
  
• a 10 MW solar PV plant , also wholly-owned by Mahindra Suryaprakash.; and
  
• a 20 MW solar PV plant wholly-owned by Solarfield Energy Two Private Ltd. (“Solarfield Two”, a wholly-owned subsidiary of Kiran Energy Ltd. (“Kiran Energy”)
  

For evacuation of the power to the grid, existing transmission line (24km, 33kV) shall be used, which was commissioned in January 2012 as part of Mahindra’s 5 MW project and is now successfully evacuating power to the grid. Proposed Projects will therefore involve construction of only internal power transmission cables / lines up to the existing line.

 

The construction of the Projects is expected to commence in June/July 2012 and the power plants are expected to be commissioned in early 2013.

 

All the above three plants are being developed on adjoining tracts of land, and will utilize similar technology.

 

They have been awarded similar tariffs and will enter into identical power purchase agreements (“PPAs”).

 

Kiran Energy is also a shareholder of Mahindra Solar One, and the two companies are developing these 3 plants in close cooperation. IFC has previously provided a loan to a greenfield 5MW solar power plant developed by Mahindra Solar One, located very close to the proposed sites for the Projects. The 5MW project has been commissioned successfully and is already generating revenues.

 

Some more Literature on this topic:

http://www.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/SII32031

http://www.bloomberg.com/news/2012-05-02/mahindra-kiran-energy-may-get-ifc-loan-for-india-solar-project.html

 

 

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