IREDA and Rewa Ultra Mega Solar sign loan agreement to finance two solar power projects

The Indian Renewable Energy Development Agency (IREDA) and Rewa Ultra Mega Solar Limited (RUMSL) have signed a sub-loan agreement to finance the shared infrastructure of two solar power projects in Madhya Pradesh. These are the 750 MW Rewa ultra mega solar park and the 250 MW Mandsaur solar park. Under the World Bank line of credit, IREDA has sanctioned its first loan of Rs 2.1 billion to RUMSL for financing these projects. The Ministry of New and Renewable Energy, the World Bank and IREDA have drafted a proposal to channelise $100 million for creating common infrastructure for ultra mega solar parks and enable India to achieve the 100 GW solar capacity addition by 2022.