International Finance Corp (IFC), part of the World Bank, has approved the financing of several PV power projects in India over the following two years.
Indian PV developer Acme Solar, a subsidiary of Acme Tele Power, will be the main contractor for the projects.
The total investment is estimated to be US$50 million, of which US$12.5 million will finance the construction of a 25MW PV power plant in the state of Madhya Pradesh.
The Madhya Pradesh solar project has a total required investment of about US$36 million and it is expected to be commissioned by November 2013.
MP Power Management Co. will purchase and utilise the plant under a 25 year power purchase agreement.
The remaining amount will fund solar projects in Odisha and Andhra Pradesh.