Acme Solar NSM

completed

Note:This sub project has already been approved under previous umbrella project #32497. The Project involves the development of a 100 MW solar power plant in the low income state of Rajasthan by Acme Solar Energy Private Limited (“ASEPL”, “Acme Solar”, or the “Sponsor”), an existing IFC client through its five wholly owned subsidiaries, Ranji Solar Energy Private Limited, Acme Gurgaon Power Private Limited, Acme Rajdhani Power Private Limited, Acme Mumbai Power Private Limited and Medha Energy Private Limited (the “Project Companies”). The Project is the second and final tranche of the overall envelope for debt funding in the amount of US$50 million which IFC had provided to Acme Solar to be used for various projects that ACME Solar is developing (Project #32497). The first tranche of the financing was provided to ACME Solar Energy (Madhya Pradesh) Private Limited (“ASEMPPL”), a subsidiary of ACME Solar established to develop a 25 MW grid connected solar power plant (Project #34163)ASEPL has a successful track record of implementing solar power projects in India. It has commissioned a 25 MW solar power plant in Madhya Pradesh and is developing a 25 MW solar power plant in Odisha. The project is expected to be commissioned by April 28, 2015. The off taker for the Project will be Solar Energy Corporation of India, a government of India entity. The Company plans to sign the Engineering, Procurement and Construction (“EPC”) and Operations and Maintenance (O&M”) agreements for the Project with Acme Cleantech Solutions Limited and ASEPL respectively.