Indian Renewable Energy Development Agency (IREDA) and the Rewa Ultra Mega Solar Ltd (RUMSL) have signed the sub-loan agreement for two solar power projects in Madhya Pradesh.
“A loan amount of ₹216 crore ($35 million) has been signed for developing transmission and evacuation infrastructure. The loans have been refinanced at 8.5 per cent,” an IREDA official told BusinessLine.
An official statement said that the World Bank is providing a loan of $100 million through IREDA for financing infrastructure of Solar Parks in India.
This includes $75 million loan from the International Bank for Reconstruction and Development (IBRD) and $23 million loan from the Clean Technology Fund (CTF), as also an interest-free CTF grant of $2 million. IREDA is the nodal project implementation unit for the loan.
The first two solar parks to be supported under the World Bank Funding Scheme are the 750-MW Rewa Ultra-Mega Solar Park and the 250-MW Mandsaur Solar Park in Madhya Pradesh.
These two solar parks are being implemented by Rewa Ultra Mega Solar Ltd (RUMSL), a joint venture between MP Urja Vikas Nigam and SECI, the statement added.
Speaking to reporters on the sidelines of the event, KS Popli, Chairman and Managing Director, IREDA, said that the company’s initial public offering (IPO) has been delayed to the next financial year.
He said, “The company had earlier planned to launch the IPO by the end of March. The IPO has been delayed because we are waiting for some compliance according to Securities and Exchange Board of India (SEBI) norms. We are expecting it to happen by first quarter of next financial year.”