IFC to invest Rs 2,800 crore

In one of the biggest deals in the renewable energy space, International Finance CorporationBSE -4.94 % (IFC), part of World Bank group, is close to investing $440 million or Rs 2,800 crore in Rewa Ultra Mega Solar Park in Madhya Pradesh. The investment will be in the form of debt in three companies -- Mahindra Renewables, Acme and Actis -- that are setting up units in the solar park, a person close to IFC told ET. The 750 megawatt (MW) park has commitments from Mahindra Renewables, Acme and Actis. "This investment by IFC will be in the form of debt in the three companies that are setting up the units, each of 250 MW," a person in the know said. The investment comes from a kitty put aside by IFC for India renewable energy investments. "IFC has put aside $1 billion including mobilisation, to renewable energy space in India," said a person in know of the matter. Proceeds of the investment by IFC will be used for the construction, operation and maintenance of the solar plant. The solar park, spread across 6.4 sq km in Rewa district of Madhya Pradesh, is set to start its operations by the year-end. Industry experts say the past one year has seen consolidation in the renewable energy space and several global players have been aggressively looking at the space.