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IFC Commits $105mn to Part Finance Brookfield's Solar Project in Bikaner

International Finance Corporation (IFC) has committed $105 million to part finance a 550 MW solar power project in Bikaner, Rajasthan, which is being developed by Brookfield Asset Management.

 

The financing will be through long-term non-convertible debentures allocated to the project's special purpose vehicles, which are implementing the project. This is IFC’s first investment in Asia and the Pacific using a hybrid offtake structure where the project sells the power generated to C&I customers under long-term corporate PPAs along with the merchant market via exchange. The project will be connected to the inter-state transmission system section of the green energy corridor in India.

 

IFC aims to facilitate the broader uptake of clean energy by demonstrating the viability of large-scale RE. Since 2010, IFC has invested $2.79 billion in multiple projects in renewable energy and energy efficiency sectors in India. The country’s RE sector is expected to generate annual investment of $25 billion through 2030.

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