44816 - EGP India

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Summary of Investment Information

Project Number

44816

Company Name

Thar Surya 1 Private Limited

Date SPI Disclosed

Apr 8, 2021

Country

India

Region

South Asia

Projected Board Date

May 20, 2021

Environmental Category

B - Limited

Status

Active

Last Updated Date

Mar 23, 2022

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Jun 3, 2021
Signed : Dec 22, 2021
Invested : Mar 21, 2022

Sector

Solar - Renewable Energy Generation

Project Description

The proposed project involves a debt investment in Thar Surya 1 Pvt. Ltd. (“Project Company”) to finance the construction of a 300 MWac solar PV project in Bikaner, Rajasthan, India (“Project”). The Project is being developed by one of the step-down subsidiaries of Enel Green Power S.p.A., an existing global client of IFC. The Project was awarded to the Project Company in July 2020 by Solar Energy Corporation of India (SECI) and the Project will sell the generated electricity to SECI under a 25 year PPA. IFC is the mandated lead arranger for the entire debt portion.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.89
Equity

Development Impact

The main project-level outcomes are the environmental impact by displacing GHG emissions and the stakeholder impact by helping meet India's increasing electricity demand. Beyond the Project, IFC anticipates that the investment will improve market integration by enabling the generation and transmission of power from renewable rich states to renewable deficient states through the national grid. The Project will also increase market competitiveness by demonstrating scaling up of a new and efficient module technology to meet ambitious national targets.

Financing structure - IFC will provide a fixed interest rate local currency loan with a long-term maturity of up to 20 years that is currently not readily available in the domestic market. The structure of the financing provided will contribute to improving the Project's viability by mitigating the risk from potential interest rate fluctuations and providing a tenor aligned with long-term cash flows over the 25-year PPA. Resource Mobilization - IFC will be mobilizing the remaining amount of debt financing to help the Project reach financial close including potentially through international financial institutions. IFC's involvement and experience investing in IPPs in India will facilitate the participation of other lenders and provide comfort as the sector faces headwinds including financial sustainability concerns. Knowledge, innovation, and capacity building - IFC is complimenting the financing by providing valuable local knowledge to the Sponsor as it expands its footprint in RE in India. While the Sponsor is one of the largest RE developers in the world, it has relatively limited operations in India and will benefit from IFC's local experience in the sector to implement its first solar project in India and scale up RE investments. Standard-setting - IFC will provide technical support and guidance to help strengthen the Borrower's capacity to manage E&S risks associated with the Project in accordance with IFC Performance Standards. IFC will ensure the adoption of mitigation measures per the Environmental and Social Action Plan to address potential risks identified.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability due to the potentially limited adverse environmental and social (E&S) risks and impacts that are generally site-specific, largely reversible, and readily mitigated through implementation of good international industry practices. Most of these E&S impacts occur only during the brief construction period. For example: air quality and noise impacts, community safety impacts from the temporary influx of project vehicles and non-resident workers, occupational health and safety (OHS) risks for workers, contractor management, resource efficiency, and waste management. During operations, the main risks and impacts are related to stakeholder engagement and biodiversity management – especially monitoring and mitigating potential soaring bird collisions with the transmission line.

Contacts

For Inquiries About the Project, Contact

Thar Surya 1 Private Limited
Mukesh Kumar
Project Manager
+91-80-37451260
infoegpindia@enel.com
12th Floor, Crescent 1, Prestige Shantiniketan, ITPL Main Road, Whitefield, Bengaluru - 560 048
www.enelgreenpower.com

For Inquiries and Comments About IFC, Contact

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

Local Access of Project Documentation

Thar Surya 1 Private Limited

Mukesh Kumar (Project Manager)

12th Floor, Crescent 1, Prestige

Shantiniketan, ITPL Main Road, Hoodi,

Whitefield, Bengaluru – 560 048, Karnataka

T: +91-80-37451260

Email: infoegpindia@enel.com

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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