39866 - Rewa Actis

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Summary of Investment Information

Project Number

39866

Company Name

Arinsun Clean Energy Private Limited

Date SPI Disclosed

Aug 28, 2017

Country

India

Region

South Asia

Projected Board Date

Oct 30, 2017

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Feb 26, 2023

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Dec 20, 2017
Signed : Dec 30, 2017
Invested : Oct 22, 2018

Sector

Solar - Renewable Energy Generation

Project Description

The Project was won by Solenergi Power Private Ltd. (“SPPL”) within the 750MWac Rewa Ultra Mega Solar Park in the Rewa district of Madhya Pradesh, India.

The Project will be developed by Arinsun Clean Energy Private Limited (the “Company”), a subsidiary of SPPL. The solar park is being developed by Rewa Ultra Mega Solar Limited (“RUMSL”), a joint venture between Madhya Pradesh Urja Vikas Nigam Limited (“MPUVNL”) – a Madhya Pradesh State Government agency and the Solar Energy Corporation of India (“SECI”).

The Project is expected to be commissioned by December 2018. The off-takers for the Project will be Madhya Pradesh Power Management Company Limited (“MPPMCL”) and Delhi Metro Rail Corporation (“DMRC”).

Associated Advisory Engagement

The Government of Madhya Pradesh (“GoMP”) appointed IFC as the lead transaction advisor to enable RUMSL and the GoMP to facilitate the entire private investment for the Rewa Solar project. IFC's role includes advising on a robust project structure, identifying, recommending and upon request helping implement solutions for key commercial, legal, regulatory, technical and system operations related issues and designing a transparent auction process to help select private entity(ies) to develop the units in the Rewa Solar project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	60.50
Equity

Development Impact

1. Increasing clean energy production: The Project will help in achieving Government of India's Intended Nationally Determined Contribution of reducing the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 levels, and reaching about 40 percent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030. 2. Climate Change Mitigation: IFC's investment will enable clean energy production that will help avoid GHG emissions. As the Project progresses based on actual power generation figures, company will estimate the GHG emissions reduction and report to IFC as part of its annual E&S performance monitoring report. 3. Employment generation: The Project will create employment opportunities - estimated 400 during construction and 60 in operation phase.

1. Longer tenor local currency financing: IFC will provide long tenor fixed rate local currency financing with a debt repayment profile that matches the cash flows of the Project and the long-lived nature of the assets being financed. 2. Catalytic role of arranging additional finance: IFC will mobilize a significant portion of the debt for the Project. IFC's global expertise in financing renewable energy projects and sector knowledge will facilitate closing of this large project finance with more ease. 3. Improved E&S standards: IFC's participation will ensure that the Project incorporates best practice environmental and social policies and complies with IFC performance standards.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Sustainability Policy as the E&S impacts associated with the project are limited, generally site-specific and could be addressed through the implementation of standard good international industry practices.

The key E&S issues for this project include: cumulative E&S impacts especially on water resources, land, and social aspects due to solar park development; construction phase E&S impacts; procurement and management of human resources including contract workers in accordance with IFC PS 2 requirements through the project life; and occupational health and safety issues during the operational phase.

Contacts

For Inquiries About the Project, Contact

Arinsun Clean Energy Pvt. Ltd
C S Anand
Head of Operations
+91-9049992095
csanand@sprngenergy.com
Office#201, Level2, Pentagon P-2,Magarpatta City, Hadapsar, Pune 411013, Maharashtra, India
sprngenergy.com

For Inquiries and Comments About IFC, Contact

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IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Arinsun Clean Energy Pvt. Ltd

Office#201, Level2, Pentagon P-2,Magarpatta City, Hadapsar, Pune 411013, Maharashtra, India

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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