Mahindra Solar Power Plant

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The project entails the construction of a solar power plant in Rewa District of Madhya Pradesh, India. The intiative is part of the 750 MW Rewa solar park and the new facility has a total capacity of 250 MW. The plant is expected to generate over 525 million units. Mahindra Renewables had participated in the competitive bidding process invited by Rewa Ultra Mega Solar Ltd. (50:50 JV between Madhya Pradesh Urja Vikash Nigam Ltd. & Solar Energy Corporation of India) to set up 750 MW grid connected Solar PV projects. Mahindra Renewables won 250 MW capacity at levelised tariff of INR 3.3 per Kwh with other winning bidders being ACTIS PE backed Solenergi and ACME Group. The off-takers for the Project will be Madhya Pradesh Power Management Company Limited (“MPPMCL”) and Delhi Metro Rail Corporation (“DMRC”). The debt financing is being provided by Yes Bank to the extent of INR 750 Crores ($115.34 million) and from other financial institutions up to INR 200 Crores ($30.77 million). IFC has also provided $51.09 million. The project is expected to commence commercial operations by December 2018. The financial close took place on March 17, 2018. http://www.climatesamurai.com/solar/mahindra-renewable-achieves-financial-closure-for-250-mw-solar-power-project-in-mp/ https://www.thehindu.com/business/rewa-plant-mahindra-arm-achieves-financial-closure/article23281318.ece