Mahindra Renewables, a wholly owned subsidiary of Mahindra Susten, has achieved financial closure for its 250 MW Solar Power Project, to be located in Rewa District of Madhya Pradesh with Yes Bank for financial assistance in the form of project debt to the extent of Rs 7.50 billion and from other financial institutions upto Rs 2 billion.

The project is part of the 750 MW Rewa solar parks which is one of the largest solar parks in the world. The 250 MW projects of Mahindra Renewables is expected to generate over 525 million Units and is envisaged to sell -78% of the generated units to Madhya Pradesh Electricity Distribution Utilities and the balance -22% to Delhi Metro Rail Corporation. Mahindra Renewables had participated in the competitive bidding process invited by Rewa Ultra Mega Solar Ltd. (50:50 JV between Madhya Pradesh Urja Vikash Nigam Ltd. & Solar Energy Corporation of India) to set up 750 MW grid connected Solar PV projects. Mahindra Renewables won 250 MW capacities at levelised tariff of INR 3.3 per Kwh with other winning bidders being ACI1S PE backed Solenergi and ACME Group. The project is expected to commence commercial operations by December 2018.

Rana Kapoor, MD&CEO, Yes Bank said, "Yes Bank has established itself as India's pre-eminent Green Bank with pioneering initiatives in the Sustainable Finance domain. The Rewa Solar Project by Mahindra Renewables is another step towards augmenting India's RE capacity, and our support to this project builds on YES BANK's commitment to mobilize USD 5 Bn for financing Solar Power projects in India by 2030 which we announced at the the International Solar Alliance (ISA) conference organized at World Future Energy Summit 2018 in Abu Dhabi and at the ISA Founding Conference on March 11, 2018 in New Delhi."

Shares of the bank gained Rs 2.3, or 0.74%, to trade at  Rs 314.70.  The total volume of shares traded  was  564,873 at the BSE (12.47 p.m., Friday).