IFC to lend $50MM to Acme towards new solar project

International Finance Corp. (IFC) is planning to lend as much as $50 million to Indian solar company Acme Solar Energy Pvt. to build and operate new solar power projects, Bloomberg reported.

Acme will first use the funds from IFC to build a 25-megawatt (MW), grid-connected photovoltaic power plant in Madhya Pradesh. The article said the funds from the loan may also be used for other projects by the Indian company, including those in the states of Odisha and Andhra Predesh. 

India is planning to raise the country's solar capacity eightfold by 2017 and may call for bids to build an additional 750 MW of capacity. 

According to VC Circle, $12.5 million is expected to be used for the 25 MW Madhya Pradesh project, which will cost approximately $36 million. The project is scheduled to be commissioned in November.

In the last two years, Acme has built a 15 MW photovoltaic plant in Gujarat and a 2.5 MW solar thermal plant in Rajasthan.

Energies Nouvelles and Societe Internationale d'Investissments Fianciers ENR each hold a 25 percent interest in Acme.

Learn more about the solar PV market in India in PennEnergy's research area

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