IFC to lend $50 million to Mahindra Renewables

The International Finance Corporation (IFC), a member of the World Bank Group, will provide a $50 million loan to Mahindra Renewables Private Limited (MRPL) for setting up its 250 MW project in the Rewa Solar Park, Madhya Pradesh. Proceeds from the investment will be used by MRPL for development, financing, construction and O&M of the grid-connected solar project. In addition, IFC will assist in the mobilisation of the syndicated parallel loan of up to $100 million. The Madhya Pradesh government has appointed IFC as the lead transaction adviser to facilitate the private investment for the Rewa Solar Park.