IREDA, Rewa Ultra Mega Solar ink Rs 216 cr sub-loan agreement

Indian Renewable Energy Development Agency (IREDA) and Rewa Ultra Mega Solar (RUMSL) today signed a Rs 216 crore sub-loan agreement for Rewa and Mandsaur solar projects in Madhya Pradesh. IREDA CMD K S Popli and RUMSL Chairperson Manu Srivastava have signed the agreement. The money will be used for development of transmission and evacuation infrastructure for Rewa (750 MW) and Mandsaur (250 MW) projects. Popli expressed hope that the IREDA will be able to disburse Rs 8,000 crore loan and sanction finance of up to Rs 12,000 crore in the current fiscal. He said that the company is aiming to increase loan disbursements to Rs 10,000 crore and sanction Rs 14,000 crore in 2018-19. On this occasion, Director General International Solar Alliance Upendra Tripathy said that during Solar Summit on March 11, 2018, as many as 121 solar project agreements, to be implemented across the globe, will be signed.
The World Bank is providing a loan of $100 million through IREDA for financing infrastructure of Solar Parks in India, this includes $75 million loan from the International Bank for Reconstruction and Development (IBRD) and $23 million loan from the Clean Technology Fund (CTF), as also an interest-free CTF grant of $2 million.