- The World Bank Group will provide $100 million loan to develop transmission facilities at the Rewa Ultra Mega Solar Park
- 25% of the loan reported to come from Clean Technology Fund (CTF) of the World Bank
- This would make Rewa the first solar power project in India to receive funding under CTF
- $75 million will be offered as loan for 19 years, while $25 million will carry a loan period of 40 years
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The World Bank has set aside $100 million to finance the Rewa Ultra Mega Solar Park (RUMS), with $25 million of the loan to be used for developing transmission infrastructure at the site.
Mercom Capital Group reported that out of the $100 million, the World Bank will lend $75 million as loan for a period of 19 years at interest rate calculated at the time of signing of papers. The loan period for the $25 million part is 40 years.
Indian Renewable Energy Development Agency (IREDA) will receive this money from the World Bank. Later it will lend the amount further to the entities that will work towards developing the shared infrastructure facilities in the park, a World Bank Group Official told Mercom.
At least 25% of this loan amount will come from the Clean Technology Fund (CTF) of the Bank, which will charge an interest rate of only 0.25%, according to a Press Trust of India (PTI) article quoting a state public relations department official. It would become the first solar power project in India to receive a loan under the CTF, stated the official.
The 750 MW capacity tender for the Rewa solar power project received record low bids in India (see Record Low Tariff Offers In 750 MW Rewa Tender).