Fotowatio Renewable Ventures raises $29 million from IFC to fund 100 MW solar projects in Andhra Pradesh

Fotowatio Renewable Ventures (FRV) Private Limited has raised $29 million in non-convertible debentures from the International Finance Corporation (IFC) to fund 100 MW of solar projects in India. FRV is developing two solar projects of 50 MW each at the Ananthapuramu Solar Park (Tranche-IV) in Andhra Pradesh. The expected project cost is $119 million, and will be funded through 75 per cent debt and 25 per cent equity.