Rewa Actis (IFC-39866)

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
Approved
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
Nov 30, 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
Arinsun Clean Energy Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
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.
Investment Amount (USD)
$ 60.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 60.50 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 Feb 22, 2018

Disclosed by Bank Aug 28, 2017


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Project Description

This project finances a 750MWac Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh, India. 

People Affected By This Project

1. 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 percent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030.

2. 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.

3. Employment generation: The Project will create employment opportunities - estimated 400 during construction and 60 in operation phase.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

SPPL is a company instituted under ACTIS Energy Fund 4. Arinsun Clean Energy Private Limited which is a subsidiary of SPPL will undertake the Project development, construction, financing and its operations and maintenance.

Contact Information

PROJECT CONTACTS

Arinsun Clean Energy Pvt. Ltd
C S Anand
Head of Operations
+91-9049992095
csanand@sprngenergy.com
Office#201, Level2, Pentagon P-2,Magarpatta City, Hadapsar, Pune 411013, Maharashtra, India
sprngenergy.com

ACCOUNTABILITY MECHANISM OF IFC

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 CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/