IFC is planning to invest $11 Mn in Mumbai-based Mahindra Solar One Private Limited through debt and equity.
The funds raised will be used for 5 MW solar photovoltaic project in Rajasthan under the National Solar Mission and a pipeline of solar projects totaling 50 MW.
The total project cost including the pipeline is estimated at $180 Mn and the proposed IFC investment is for up to $6 Mn of debt and up to $5 Mn of equity.
Established in 2010, Mahindra Solar One, a solar power development, construction and operating company is a 26:74 JV between Mahindra Group and Kiran Energy Solar Power Private Ltd.
The company’s 5 MW project is located in Rawra village, in the Jodhpur district of Rajasthan. Company plans to build other project adjacent to the current 5MW project and in the Gujarat Solar Park, in the Patan District of Gujarat.
In power generation space, IFC recently invested in Bhilwara Energy, Simran Wind Project, Shalivahana Green Energy and Auro Mira Energy.
