India-based energy company Acme Solar has secured a credit facility of $50m from International Finance Corporation (IFC) to launch solar projects over two years.
Of the total funds acquired from investment arm of World Bank, $12.5m will be used to develop the 25MW solar project in the Indian state of Madhya Pradesh (MP), which is expected to cost around $36m.
Meanwhile, the company is planning a slew of projects in the country and seeking additional funds from IFC for projects in Orissa and Andhra Pradesh, reported VC Circle.
Acme has scheduled the commissioning of MP project in November 2013. In addition, it has signed a power purchase agreement with MP Power Management Company to procure the power generated at the plant for 25-years.
IFC has emerged as a leading investor in India providing nearly $300m since January 2013 to firms such as UltraTech Cement, Hikal, Dewan Housing Finance, Snowman Logistics, Suryoday Microfinance, HDFC, Bhilwara Energy and Cross Border Power Transmission.