State-run IREDA and Rewa Ultra Mega Solar (RUMSL) today signed a Rs 216 crore sub-loan agreement for Rewa and Mandsaur solar projects in Madhya Pradesh.
Indian Renewable Energy Development Agency (IREDA) CMD K S Popli and RUMSL Chairperson Manu Srivastava have signed the agreement.
“We have signed a loan agreement for Rs 216 crore or about USD 35 million) for Rewa and Mandsaur projects. This is the first project to get loan from IREDA out of USD 100 million funding by (the) World Bank,” Srivastava told reporter after the agreement was signed.
He further informed that the money will be used for development of transmission and evacuation infrastructure for Rewa (750 MW) and Mandsaur (250 MW) projects.
Popli expressed hope that the IREDA will be able to disburse Rs 8,000 crore loan and sanction finance of up to Rs 12,000 crore in the current fiscal.
He said that the company is aiming to increase loan disbursements to Rs 10,000 crore and sanction Rs 14,000 crore in 2018-19.
On this occasion, Director General International Solar Alliance Upendra Tripathy said that during Solar Summit on March 11, 2018, as many as 121 solar project agreements, to be implemented across the globe, will be signed.
He also that French President Emmanuel Macron will also visit India during the summit.
Besides, he said that in a bid to boost investment in clean energy RE-INVEST Summit will be organised on April 19- 21, 2018.
The World Bank is providing a loan of USD 100 million through IREDA for financing infrastructure of Solar Parks in India, this includes USD 75 million loan from the International Bank for Reconstruction and Development (IBRD) and USD 23 million loan from the Clean Technology Fund (CTF), as also an interest-free CTF grant of USD 2 million.
IREDA is the nodal project implementation unit for the loan.
The First two solar parks to be supported under the World Bank Funding Scheme are the Rewa Ultra-Mega Solar Park and Mandsaur Solar Park in Madhya Pradesh.
These two solar parks are being implemented by the RUMSL, a joint venture between Madhya Pradesh Urja Vikas Nigam and Solar Energy Corporation of India (SECI).