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IFC Proposes $50mn Loan for Enel’s Bikaner 300 MW Solar Project

International Finance Corporation (IFC) has proposed a $50 million loan facility to Italy-based Enel Green Power to fund its solar project in Rajasthan’s Bikaner.

 

The 300 MW Thar Surya solar photovoltaic (PV) project is being developed by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power, an existing global client of IFC.

 

IFC is the lead arranger for the entire debt portion for the current venture and will mobilize $100 million debt through parallel lenders. According to IFC, the total cost of the project is estimated at $200 million.

 

The project was awarded to Enel Green Power in July 2020 by the Solar Energy Corporation of India (SECI). Enel will sell the generated electricity to SECI under a 25-year power purchase agreement. IFC is the mandated lead arranger for the entire debt portion.

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