Rewa Actis Solar Park

Active

Prospective

The project entails the design, financing, construction and operation of a 250 MW solar park in Rewa District, Madhya Pradesh. This project is part of a larger 750 MW project in Rewa district - Rewa Ultra Mega Solar Park. Three 250 MW projects were awarded to Mahindra Renewables Pvt. Ltd, Acme Solar Holdings Pvt. Ltd and Actis LLP’s Solenergi Power Pvt. Ltd. The bids were called by Rewa Ultra Mega Power Ltd, a joint venture of Solar Energy Corp. of India Ltd (SECI) and Madhya Pradesh Urja Vikas Nigam Ltd (MPUVNL). This particular project (unit III) will be developed by Arinsun Clean Energy Pvt. Ltd, a subsidiary of Solenergi Power Private Ltd. (green energy investment platform of Actis LLP). Private equity fund Actis LLP is the sole sponsor of the 250 MW project. Concession contract was awarded to developer following a competitive bidding process called by SECI and MPUVNL in February 2017. The bid criteria for securing the contract was the lowest effective levelized tariff (the average of different annual tariffs over the 25-year period of the power purchase agreement). Project is undertaken on a Build Own and operate basis. Actis won the bid by quoting a first-year tariff of Rs.2.974 (~$0.0444)/kWh and a levelized tariff of Rs.3.304 (~$0.0495)/kWh. The estimated project cost is around $200 million (Rs12.8 billion). IFC has inked the deal with Actis for $140 million of debt financing. To the best of our knowledge, IFC provided $50 million of A loan (from its own account) and syndicated the remaining $90 million to other lenders. As of January 2018, the lenders are not disclosed. Sponsor's contribution to the project amounts to $50 million. Financial close was achieved in December, 30 2017. The project is expected to be complete by December 2018. https://disclosures.ifc.org/#/projectDetail/SII/39866 https://www.vccircle.com/ifc-to-provide-debt-finance-for-actis-owned-solenergis-solar-power-plant/ http://www.livemint.com/Industry/eDRL8CUQdbQ1ZTKNm0flBJ/IFC-to-provide-440-mn-debt-to-Rewa-solar-park-developers.html https://renewablesnow.com/news/madhya-pradesh-solar-park-of-250-mw-to-go-online-by-end-2018-report-581363/ https://mercomindia.com/ifc-provide-50-million-loan-arinsun-clean-energy-250-mw-solar-project-rewa/ http://www.thehindubusinessline.com/news/national/solar-tariffs-crash-below-3kwhr-in-mp-auctions/article9535244.ece https://www.business-standard.com/article/companies/with-ifc-as-financier-actis-backed-rewa-unit-achieves-financial-closure-118011001010_1.htmlhttps://www.business-standard.com/article/companies/with-ifc-as-financier-actis-backed-rewa-unit-achieves-financial-closure-118011001010_1.html (Domestic lenders)

Energy

World Bank Group

Project

Commercial, Power Generation (CCGT), Solar, Car parking, Government, Manufacturing (Industrial), Automotive