Rewa ACME (IFC-39711)

Countries
  • India
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
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 20, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ACME Jaipur Solar Power Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Loan Amount (USD)
$ 50.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 5, 2018

Disclosed by Bank Aug 30, 2017


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Project Description
The project involves the development, financing, construction, operation and maintenance of a 250MWac solar photovoltaic plant by ACME Solar Holdings Limited (“ACME Solar”) within the 750MWac Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh, India. The project will be developed by ACME Jaipur Solar Power Private Limited (the “Company”), a wholly owned subsidiary of ACME Solar. The solar park is being developed by Rewa Ultra Mega Solar Limited (“RUMSL”), a joint venture between Madhya Pradesh Urja Vikas Nigam Limited (“MPUVNL”) – a Madhya Pradesh State Government agency and the Solar Energy Corporation of India (“SECI”).
People Affected By This Project
- Increasing clean energy production: The project will help in achieving Government of India's Intended Nationally Determined Contribution of reducing the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 levels, and reaching about 40% cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030. - Climate Change Mitigation: IFC's investment will enable clean energy production that will help avoid GHG emissions. As the project progresses based on actual power generation figures, company will estimate the GHG emissions reduction and report to IFC as part of its annual E&S performance monitoring report. - Employment generation: The project will create employment opportunities - estimated 600 during construction and 275 in operation phase.
Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information
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