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Summary of Investment Information
This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein that has been prepared by the project sponsor, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision.
V-BF - Solar - Renewable Energy Generation
Reg Ind, Infra & Nat Res, ASIA
Date SPI disclosed
April 17, 2013
Projected board date
May 24, 2013
Approved: July 31, 2013
View Environmental & Social Review Summary (ESRS),
E&S Risks /Impacts andMitigation
The proposed Project involves a multi-level engagement and partnership with Acme Solar Energy Private Limited (“ACME Solar”), a holding Company founded by ACME Tele Power to develop, construct and operate solar generation assets in India.
IFC is considering providing an overall envelope for debt funding in the amount of US$50 million, to be used over the next few years for various projects that ACME Solar is developing. The first tranche of this financing is expected to be provided to ACME Solar Energy (Madhya Pradesh) Private Limited (“ASEMPPL”), a subsidiary of ACME Solar established to develop a 25 MW grid connected solar photovoltaic power plant in the State of Madhya Pradesh (MP), India (the “Project”). ASEMPPL has entered into a 25-year power purchase agreement (“PPA”) with MP Power Management Company and is estimated to supply 50 GWh per year. The deadline for commissioning is November 2013.Other projects that ACME Solar is developing, which IFC may consider for financing under the facility include solar projects in Odisha and Andhra Pradesh.
Project Sponsor and Major Shareholders of Project Company
Sponsor and Shareholding Pattern:
Acme Solar Private Limited (‘Acme Solar’) has been established to develop solar energy projects across India. Over the last 2 years, Acme Solar has established a track record in developing such projects by developing a 15MW photovoltaic plant in Gujarat and a 2.5 MW solar thermal plant in Rajasthan. By April 2013, ACME Solar is expected to be held 50% by Acme Cleantech Solutions Private Limited, 25% each by EDF Energies Nouvelles (EDF EN) and 25% by Société Internationale d’Investissements Financiers ENR (SIIF ENR).
Acme Cleantech Solutions Private Limited (ACSL): Founded by Mr. Manoj Upadhyay in 2003, ACME Group has grown to become a leader in the field of energy, environmental and telecommunications infrastructure solutions in India. Its main company is ACME Tele Power Ltd (“ATP”), a leading provider of energy conservation and energy management solutions to leading telecom operators, including Bharti Infratel Ltd. (Airtel), Indus Towers, Vodafone, Aircel, Idea Cellular, Tata Teleservices and Reliance Communications. ACME Group has presence in over 15 countries, 2,000 employees and an installed base of more than 150,000 telecom towers globally. It has 10 registered patents for energy conservation products and manufacturing capabilities in India.
EDF EN is today regarded as a major global player in wind and solar photovoltaic power. It has a total installed capacity of 5,372MW plus an additional 1,330MW under construction. Solar PV capacity is 492 MW operational with a further 203 MW under construction. EDF EN is fully owned by Électricité de France S.A. which is the French state owned electricity utility and the second largest electric utility company in the world.
SIIF is based in Luxembourg and employs a full-fledged team to manage its industrial and financial assets. SIIF and SIIF ENR have subsidiaries in France, Greece, Italy, Israel and a number of other countries. 85% of SIIF ENR is owned by SIIF Tech which is controlled by Mr. Pâris Mouratoglou and his family, the rest 15% is held by Mr. David Corcha who was the CEO of EDF EN until 2012.
Total Project Cost and Amount and Nature of IFC's Investment
IFC is considering an overall senior debt facility of US$ 50 million for various solar power farms to be developed over the next two years by Acme Solar. Out of the US$ 50 million facility, a local currency A loan of approximately US$ 12.5 million-equivalent is proposed for ACME Solar Energy (Madhya Pradesh) Private Limited to develop the 25 MW Madhya Pradesh project, which is expected to cost around US$ 36 million.
IFC investment as approved by Board
50 million (USD)
IFC Investment (million USD)
* These investment figures are indicative
Location of Project and Description of Site
Expected Development Impact
1. Directly increase power generation to bridge India's power supply-demand gap 2. Promote climate change mitigation by supporting renewable energy and reducing GHG emissions 3. Generate employment during project implementation and operation
IFC's Expected Role and Additionality
IFC's equity investment in AE will create a long-term partnership that will involve support on potential regulatory & PPA issues in India. At the project level, IFC can provide a long-tenor, local currency, fixed rate loan to help mitigate interest rate risk and ensure AE upholds best practice environmental and social performance standards.
Environmental & Social Categorization Rationale
This is a Category B project because a limited number of specific environmental and social risks and/or impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Further, it is possible to readily design and implement engineering and management measures to mitigate the limited adverse risks and impact..
The first project being considered for IFC financing under this facility is the MP Project, whose risks and impacts are limited and can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
For inquiries about the project, contact:
Name: Mr. Anurag Mantri
Designation: Executive Director-Finance &Strategy
Address: Plot no. 152,Sector-44, Gurgaon, Haryana, India
For inquiries and comments about IFC, contact:
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Local access of project documentation
The MP Project ESIA will be available in English at the common Panchayat office for the four affected villages located at village Rooppura, Panchayat- Roopura,Tehsil Khilchipur, District Rajgarh (Madhya Pradesh), India. Further, the Executive Summary to the ESIA will be available in English and in the local language (Hindi) for public review at the common Panchayat office for the four affected villages located at village Rooppura.
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