FRV India Solar Park II

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The project involves the development and operation of a 50-MW solar PV farm in the state of Andhra Pradesh. FRV India Solar Park II Pvt. Ltd. is the special purpose vehicle responsible for the project. This is a greenfield project under a BOT modality. PPA was awarded to the project in a reverse auction, conducted by Solar Energy Corporation of India, Ltd. (SECI). The auction falls under the National Solar Mission Program, which was launched by the Government of India to achieve 100 GW of installed solar capacity in the country by 2022. The contract has a duration of 25 years. The criteria for granting the contract was lowest tariff offered by sponsors. Total investment for the project is estimated at $57.7 million and is being funded through debt and equity in 75:25 ratio. IFC is the sole lender to the project with $43.3 million with FRV providing $14.4 million in equity. Financing closed on December 10th, 2017. https://ijglobal.com/data/transaction/39920/ananthpuram-2-pv-solar-farm-50mw-ppp Based on consultant submission form (Synergy Consulting H2 2017)