PRINT

India: Rajasthan 250 MW Solar Project–Hero Future Energies

SUMMARY

STATUS
Approved
ECONOMY
India
SECTOR
Energy
E&S CATEGORY
Category B
PROJECT NUMBER
000322

FINANCING

PROJECT TYPE
Nonsovereign
APPROVED FUNDING
USD65 million
FINANCING TYPE
Cofinanced

TIMELINE

CONCEPT REVIEW
August 23, 2019
APPRAISAL REVIEW/FINAL REVIEW
October 29, 2019
FINANCING APPROVAL
December 6, 2019

OBJECTIVE

To promote electricity generation from solar energy resources through private capital mobilization.

DESCRIPTION

The Project involves financing of a 250 MW solar project being developed by a special purpose vehicle, Clean Solar Power (Jodhpur) Private Limited (which was awarded the project through a competitive bid, at a tariff of INR 2.53 /kWh. CSPJPL signed a 25-year Power Purchase Agreement (“PPA”) with Solar Energy Corporation of India Limited (“SECI”) in November 2018.

PROJECT FINANCING

For more information about project financing, please review the project summary.

ENVIRONMENTAL AND SOCIAL INFORMATION

Environment and Social Policy and Categorization. Because this Project will be co-financed with the International Finance Corporation (IFC), and in order to ensure alignment of the policies applicable to the Project, IFC’s Environmental and Social Sustainability Policy (IFC ESSP) and related Environmental and Social Performance Standards (IFC PSs) will apply to this Project. AIIB is satisfied that: (a) the IFC ESSP and IFC PSs are consistent with AIIB’s Articles of Agreement and are materially consistent with AIIB’s Environmental and Social Policy (ESP) and relevant Environmental and Social Standards (ESSs) and (b) the monitoring procedures that are in place for the Project are appropriate. The Project has been assigned as category B. An Environmental and Social Impact Assessment (ESIA) has been prepared by CSPJPL in accordance with the IFC ESSP and IFC PS.

Please review the project summary for additional information.

PROJECT TEAM LEADER

Amit Kumar

Senior Investment Operations Specialist

amit.kumar@aiib.org

 

BORROWER

Shashank Shah

 

shashank.shah@herofutureenergies.com

IMPLEMENTATION AGENCY

N/A

PROJECT DOCUMENTS

CLIENT/COFINANCING PARTNER DOCUMENTS

Home Projects Project Summary Project List Project Details India: Rajasthan 250 MW Solar Project–Hero Future Energies