Fotowatio Renewable Ventures (FRV), has raised $29 million (~Rs.1.86 billion) in non-convertible debentures (NCDs) from the International Finance Corporation (IFC) to fund 100 MW of solar projects in India.

FRV is developing two solar projects that are 50 MW each in the Ananthapuramu Solar Park (Tranche-IV) in Andhra Pradesh. The expected project cost is $119 million (~Rs.7.66 billion), and will be funded through 75 percent debt and 25 percent equity.

The IFC is subscribing to non-convertible debentures of up to $29 million (~Rs.1.86 billion) and mobilization of up to $58 million (~$3.73 billion), according to a release.

According to Mercom’s India Solar Project Tracker, these projects are being developed under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase II Batch 3. FRV had won the project at a fixed tariff of Rs.4.43 (~$0.068)/kWh by quoting the lowest viability gap funding of Rs.4.45 million (~$69,054)/MW. Power purchase agreements were signed in September 2016 and the projects are expected to be commissioned in the last quarter of 2017.

Image Credit: Fotowatio Renewable Ventures (FRV)