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Web Exclusive | December 2012

SEI Solar to raise Rs 270 cr from IFC for Solar farm

To support its proposed greenfield solar farm project in Rajasthan, SEI Solar Power will raise a fund of $34.3 million from the International Finance Corporation (IFC). SEI Solar is a joint venture between Singapore-based SunEdison Energy and Astronergy Solar Korea Co.

The project is planned at Ugaras village in Jodhpur district in Rajasthan. The fund raising will help the company develop, construct, own and operate a 24 mw greenfield solar PV power plant. It is considering providing a combination of loan structures up to $34.3 million in Indian Rupees equivalent to support the project with a total investment of around $49 million (around Rs 270.5 crore).

The project has been awarded under the second batch of first phase of Jawaharlal Nehru National Solar Mission. It is being executed as a JV between SunEdison, an IFC investee, and Astronergy Solar Korea, a subsidiary of Chint Solar (Zhejiang). The output would be sold to State-owned power trading company, NTPC Vidyut Vyapar Nigam, under a 25-year power purchase agreement signed in January.

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