New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) and Rewa Ultra Mega Solar Limited (RUMSL) signed an agreement for financing of two large Solar Parks in Madhya Pradesh on Wednesday.
The incumbent Prime Minister Narendra Modi led NDA government has already set up the target of achieving the 100 GW solar capacity by 2022 and "Ministry of New & Renewable Energy (MNRE), World Bank & IREDA have been able to work out a proposal to channelise $100 Million for creating common infrastructure for ultra-mega solar parks in India," an official statement mentioned.
Under the World Bank Line of Credit, IREDA has sanctioned its first loan of Rs. 210.62 crore to RUMSL to finance two such solar parks in the state of Madhya Pradesh.
The broad also stipulated terms and condition of the agreement include fixed interest rate of 8.5 per cent per annum for entire loan tenure, moratorium from principal repayments upto 5 years and loan repayment period of up to 20 years.
Senior officials of IREDA, RUMSL and Indian Solar Alliance (ISA) were present at the occasion here in the national capital. While speaking in the programme the DG, ISA Upendra Tripathy asserted that India being in leading position in solar technologies, there is immediate attention for the development of 121 projects of solar technologies in 121 ISA member countries by April 21, 2018.
In addition, out of the total power proposed to be generated at Rewa solar park, 24 per cent has been agreed to be purchased by Delhi Metro Rail Corporation and balance 76 per cent by Madhya Pradesh Power Management Company Ltd (MPPMCL).