According to reports, Mahindra & Mahindra Ltd. (MM), the biggest Indian maker of sports-utility vehicles, and its partner Kiran Energy Solar Power Pvt. may get $26 million from the investment arm of the World Bank to build three solar electricity plants.
International Finance Corp.’s board is expected to meet on May 30 to study a proposal to offer the rupee debt to Mahindra Solar One, a joint venture 26 percent-held by Mahindra and 74 percent by Kiran, a proposal summary on IFC’s website shows.
The venture plans to build two 20-megawatt solar plants and a 10-megawatt project in Rawra village, Rajasthan state, for $105 million, according to the summary. It already operates a 5- megawatt plant nearby, also partly IFC funded, with a power transmission line that would be shared by the proposed projects.
Kiran, with investors including Bessemer Venture Partners, is based in Mumbai and runs 20 megawatts of solar capacity in Gujarat. Bessemer was an early funder of Skype Technologies SA.