IFC to lend $36 million to Mahindra Renewables

The International Finance Corporation, the financial arm of the World Bank, will lend $36 million for a 250 MW solar project to be set up by Mahindra Renewables Private Limited, a subsidiary of Mahindra Susten, in Rajasthan. Mahindra Susten won the bid by quoting Rs 2.53 per kWh. To be commissioned in phases starting September 2020, the project is scheduled to start commercial operations in October 2020. Mahindra Susten will be responsible for the engineering, design, procurement and construction of the project while Mahindra Teqo will handle the O&M.

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