Thursday, Mar 28 2024 | Time 22:50 Hrs(IST)
image
Business Economy


Mahindra Renewables achieves financial closure for 250 MW Solar Power Project in Rewa Madhya Pradesh with YES BANK

Mumbai, Mar 16(UNI) Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., has achieved financial closure for its 250 MW Solar Power Project, to be located in Rewa District of Madhya Pradesh with YES BANK Ltd for financial assistance in the form of project debt to the extent of Rs 750 Crores and from other financial institutions upto Rs 200 Crores.
The project is part of the 750 MW Rewa solar park which is one of the largest solar parks in the world. The 250 MW project of Mahindra Renewables is expected to generate over 525 Million Units and is envisaged to sell 78 percent of the generated units to Madhya Pradesh Electricity Distribution Utilities and the balance 22
percent to Delhi Metro Rail Corporation Ltd.,a statement said.
Mahindra Renewables had participated in the competitive bidding process invited by Rewa Ultra Mega Solar Ltd. (50:50 JV between Madhya Pradesh Urja Vikash Nigam Ltd. & Solar Energy Corporation of India) to set up 750 MW grid connected Solar PV projects. Mahindra Renewables won 250 MW capacity at levelised tariff of Rs 3.3 per Kwh with other winning bidders being ACTIS PE backed Solenergi and ACME Group. The project is expected to commence commercial operations by December 2018.
Zhooben Bhiwandiwala, President-Mahindra Partners, stated, ''Our aim is to build a sustainable presence in the Renewable Energy space. The Rewa Solar Project is a significant step in this direction as this is one of the largest solar parks having the most bankable PPA terms and can become a model template for all upcoming solar projects.
This project also demonstrates Mahindra Group’s commitment and focus towards renewable energy by partnering with leading banks like YES BANK, which has a significant renewable energy footprint.''
Commenting about the transaction, Rana Kapoor, MD&CEO, YES BANK said, ''YES BANK has established itself as India’s pre-eminent Green Bank with pioneering initiatives in the Sustainable Finance domain.
The Rewa Solar Project by Mahindra Renewables is another step towards augmenting India’s RE capacity, and our support to this project builds on YES BANK’s commitment to mobilize USD 5 Bn for financing Solar Power projects in India by 2030 which we announced at the the International Solar Alliance (ISA) conference organized at World Future Energy Summit 2018 in Abu Dhabi and at the ISA Founding Conference on March 11, 2018 in New Delhi.''
UNI JS NV PS 1436
More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image