World Bank to provide loan for Rewa ultra mega solar project

Loan approval will be given in World Bank’s meeting on March 30

Bhopal, March 10, 2017 (Ataullah Faizan):  World Bank will provide loan to develop internal transmission arrangements of Rewa Solar Project. A 25 percent of the loan will be a part of Clean Technology Fund, which is a concessional loan and is being provided at only 0.25 percent interest rate. Profit of 5 paisa has been estimated on tariff after obtaining loan on low rate. The Rewa Ultra Mega Solar Project has become the first organization of the country to receive such a loan. This loan will be sanctioned in a board meeting of World Bank scheduled to be held in Washington on March 30, 2017. Decision in this regard was taken during the meeting held at New Delhi regarding 100 million dollars loan from World Bank to develop Solar Parks in India. Officers of Economic Affairs Department, New and Renewable Energy Ministry of the Union Government and the World Bank were present in the meeting held through video conferencing. Principal Secretary New and Renewable Energy Mr. Manu Shrivastava represented Madhya Pradesh in the meeting.

The loan will be provided by the World Bank to the Indian Renewable Energy Development Agency, which will distribute fund among the developers of Solar Parks of the country. Currently, Rewa Ultra Mega Solar (RUMS) is the only beneficiary organization of the country and loan has been approved after holding in depth discussions with World Bank by the RUMS.