In 2016, SIFEM invested USD 10 million in Renewable Energy Asia Fund II (REAF II), a private equity fund focused on investing in renewable energy products in South & Southeast Asia. REAF II invested in Mirkala Solar, now a 10 MW solar PV plant located in the western Indian state of Maharashtra. This solar project was an opportunity to turn a relatively harsh and almost barren landscape into a clean energy producing hub. Construction of the plant was completed in 2017, and in its first full year of operations, the plant performed slightly above expectations with 18.8 GW h of energy generated in 2018. A second phase of an additional 10 MW is in early planning stages.
