India: Rajasthan 250 MW Solar Project - Hero Future Energies (AIIB-RAJASTHANSOLAR)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
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
Dec 6, 2019
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
Clean Solar Power (Jodhpur) Private Ltd.(CSPJPL)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
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)
$ 65.00 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)
$ 187.00 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 @ AIIB website

Updated in EWS Jan 28, 2020


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Project Description

According to bank documents, "the project involves financing of a 250 MW solar project being developed by a special purpose vehicle, Clean Solar Power (Jodhpur) Private Limited (“CSPJPL” or the “company”), which was awardedthe projectthrough a competitive bid, at a tariff of INR 2.53 /kWh. CSPJPL signed a 25-year Power Purchase Agreement (“PPA”) with Solar Energy Corporation of India Limited (“SECI”) in November 2018. As per the PPA, the scheduled commercial operation date (SCOD) is October 2020"

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

Co-financing:

HDFC Bank (Debt) US$ 25 million

IFC (Debt) US$ 43 million

Hero Solar Energy Private Limited (Equity) US$ 54 million

Private Actors

According to the bank document,

Parent Company: Hero Future Energies Private Ltd. (HFEPL) (Indian Holding Co.) It is an investee company of International Finance Corporation (IFC).
Sponsor:Hero Solar Energy Private Ltd. (HSEPL), a subsidiary of HFEPL.

Contact Information

AIIB
Amit Kumar, Senior Investment Operations Specialist
amit.kumar@aiib.org

HDFC Bank
Ankit Patni
Ankit.Patni@hdfcbank.com

IFC
Pratibha Bajaj
Investment Officer
pbajaj@ifc.org

Borrower
Shashank Shah
shashank.shah@herofutureenergies.com