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SEI Solar To Raise $34.3 Million From IFC For 24 MW Solar Project in Rajasthan

According to reports, SEI Solar Power is planning to raise loan of $34.3 Mn from IFC to support 24 MW greenfield solar PV power plant project in Rajasthan.

The total output of the project will be sold to the state owned power trading company, NTPC Vidyut Vyapar Nigam Ltd, under a year 25 PPA signed on January 2012.

SunEdison is a solar power system integrators/installers in North America and globally. It is a subsidiary of MEMC Electronic Materials Inc, a manufacturer of silicon wafers for semiconductor devices and solar manufacturers.

Chint Solar, a China-based private Company, is the solar panel manufacturing arm of CHINT Group Corporation, China’s leading player in the electrical industry.

The Project was competitively awarded under the second batch of first phase of India’s Jawaharlal Nehru National Solar Mission.

Twenty one photovoltaic solar power projects announced under Jawaharlal Nehru National Solar Mission scheme has achieved financial closure this year. Once commissioned these 21 projects will add a total capacity of 340 MW.

Majority of these projects are expected to be completed by 2013. Nineteen of the twenty two projects are located in Rajasthan.

SEI Solar Power is a 51:49 JV between SunEdison Energy Holding (Singapore) Pte. Ltd an IFC investee company and Astronergy Solar Korea Co. Ltd., a subsidiary of Chint Solar (Zhejiang) Co., Ltd, a CHINT Group company.

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