FRV Solar India (IFC-39151)

  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 13, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Fotowatio Renewable Ventures (INDIA) Preivat Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 35.67 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 119.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 12, 2022

Disclosed by Bank Apr 25, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

FRV Solar Holdings XI BV (FRV or ‘the Company’) has been granted, through international competitive bidding, 2 x 50MW solar power projects in the State of Andhra Pradesh in India. The contracts were awarded by Solar Energy Corporation of India Limited (SECI), a Government of India controlled parastatal. SECI has proposed development of 1500 MW solar projects inside Ananthapuramu Ultra Mega Solar Park (solar park) being developed by Andhra Pradesh Solar Power Corporation Private Limited (APSPCL). APSPCL is a joint venture company between Andhra Pradesh Power Generation Corporation Limited (APGENCO), New & Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) and Solar Energy Corporation of India (SECI) and is the solar park owner.

FRV has been awarded two 50MW (2 x 50MW) solar project contracts inside the solar park, with a 6 month construction phase and a commissioning deadline of October 2017 or any such extended date as granted by SECI. The project cost is estimated to be around US$ 116 million and IFC is proposing to subscribe to Non-Convertible Debentures of around US$29 million and mobilization of around US$58 million (“the Investment”) for the development, financing, construction, operation and maintenance of 2 solar photovoltaic plants of 50 MWac each.

FRV has established two wholly owned special purpose vehicles (SPVs) incorporated in India for managing the projects. These SPVs entered into 25 year Power Purchase Agreements (PPAs) with SECI in October, 2016. During the project execution, the SPVs will enter into a fixed-price, turnkey EPC contract with third parties to execute the construction of the project as well as undertake Operations & Maintenance (O&M) for the initial 2 years. Thereafter, O&M is proposed to be done by FRV by way of a long term contract with the SPVs. The company proposes to use polycrystalline modules and fixed seasonal tilt technology in the project.

The 1500 MW capacity Anathapuramu ultra mega solar park (UMSP) will involve six solar developers and is proposed across two neighboring mandals (counties), namely NP Kunta and Galiveedu mandals. Land parcels acquired for the solar park in these mandals are located at three different villages, namely NP Kunta (NP Kunta mandal) and Veligallu and Tumukunta (both in Galiveedu mandal) in a non-contiguous manner. APSPCL has allotted land to the project company in lands belonging to Veligallu and Tumukunta Villages in Galiveedu Mandal, District Cuddapah, Andhra Pradesh. The two plots (Plot P2 in Tumukunta village and Plot P8 in Veligallu village) allotted to SPVs are approximately 250 acres (around 100 ha) each.

APSPCL will enter into a land lease agreement with company SPVs for using the two allocated plots and is responsible for providing encumbrance free land, evacuation infrastructure and other common facilities consisting of the following:

The entire solar park site lies on the western catchment area of Papagni River which is a prominent right bank tributary of the major Penna River. Papagni River, a monsoon river that remains dry during the non-monsoon months, flows about 2.5 km east of the FRV plot P2. Veligallu reservoir, constructed across Papagni River around 1 km south east of FRV Plot P8, is the only perennial surface water body catering to the irrigation and drinking water needs of the region.

Investment Description
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Contact Information
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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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