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World Bank funding two solar parks

IREDA sanctions first loan for MP projects

Solar plant in Kerala.

The World Bank has worked out a proposal to channelize US$100 million for creating common infrastructure for ultra-mega solar parks in India.

The work has been done with Ministry of New & Renewable Energy (MNRE) and the Indian Renewable Energy Development Agency Limited (IREDA).

Following that IREDA has signed an agreement on 31 Jan 2018 with Rewa Ultra Mega Solar Limited (RUMSL) for financing the shared infrastructure of two large Solar Parks in Madhya Pradesh.

Under the World Bank Line of Credit, IREDA has sanctioned its first loan of Rs.210.62 crore to RUMSL to finance two such solar parks in the state of Madhya Pradesh.

The broad terms and condition of the agreement include fixed interest rate of 8.5% p.a. for entire loan tenure, moratorium from principal repayments upto 5 years and loan repayment period of upto 20 years.

The two solar parks are Rewa with capacity of 750 MW and Mandsaur with 250 MW capacity.

Delhi Metro Rail Corporation has agreed to take 24% of Rewa power and solar park and Madhya Pradesh Power Management Company Ltd the rest 76%.

The agreement was signed by S K Bhargava, Director (Finance), IREDA and Avaneesh Shukla, Executive Engineer, RUMSL, in the presence of Upendra Tripathy, Interim Director General, International Solar Alliance (ISA).

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