IFC looking to provide $440 million debt to Rewa solar park developers

The International Finance Corporation (IFC) will invest $440 million (Rs 28 billion) in the 750 MW Rewa ultra mega solar park in Madhya Pradesh. The investment will be provided in the form of debt to three companies – Mahindra Renewables Private Limited (MRPL), the Acme Group and global private equity fund Actis Llp. IFC has already inked the deal with Actis and the Acme Group for $140 million and $150 million respectively and is yet to seek board approval for $150 million to MRPL.