According to a summary of investment (SII), prepared by the International Finance Corporation (IFC), the company is proposing to build three ground-mounted photovoltaic power plants in the Indian state.
Mahindra Solar One subsidiary, Mahindra Suryaprakash Ltd will execute two plants, worth 20 MW and 10 MW, respectively. A third, worth 10 MW, will be undertaken by Solarfield Energy Two Private Ltd, a subsidiary of Kiran Energy Ltd. Since Kiran Energy is also said to be a shareholder of Mahindra Solar One, the two companies will reportedly develop the three projects "in close cooperation".
Overall, project costs are expected to amount to US$105 million. "The proposed IFC investment is for local currency A Loans totaling about $26 million-equivalent. Of this, around USS$15.9 million-equivalent is proposed to be lent to Mahindra Suryaprakash, and the balance US$10.1 million-equivalent to Solarfield Two," said IFC on its website. It adds that the plants will be located on adjoining tracts of land, and will use similar technology.
In related news, the IFC has also said it will support a rooftop solar project across five cities in the state of Gujarat. The news follows two pilot projects, worth 2.5 MW each, which were installed in Gandhinagar. The project is expected to help mobilize private sector investment of between $12 million to $14 million.
"The two pilot projects each demonstrated the viability of generating solar power through a grid-interactive system on rooftops, and will serve as a model for roll-out across the cities of Bhavnagar, Mehsana, Rajkot, Surat and Vadodara. IFC is also developing a policy framework for replicating the rooftop solar concept in Gujarat based on the experience gained in Gandhinagar," explained IFC.
Anita M. George, IFC director for infrastructure in Asia added, "The project will provide economic opportunities to the local residents, whose rooftops will be used for the installation of solar panels."