Home » Finance » IFC Plans To Invest $11 Mn In Mahindra Solar One

IFC Plans To Invest $11 Mn In Mahindra Solar One

Mahindra Solar One, established in 2010, 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.

Kiran Energy, a solar power development company is founded by Alan Rosling, Ardeshir Contractor, Sunit Tyagi, Hemanshu Bhatt and Sharad Dalal. This year in January, it raised $30 Mn from New Silk Route, Bessemer Ventures and Argonaut Ventures.

According to reports, 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.

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