IFC To Fund USD 105 Million 550 MW Solar Project In Bikaner To Meet Renewable Energy Goals
Date
6/18/2024 7:48:48 AM
(MENAFN- KNN India)
Bikaner, Jun 18 (KNN) The International Finance Corporation (IFC) has announced USD 105 million in financing for a large-scale 550 MW solar power project in Bikaner, Rajasthan.
The project is being developed by Brookfield Asset Management. IFC's funds will take the form of long-term non-convertible debentures allocated to the project's special purpose vehicles.
This will enable Brookfield to provide solar power to commercial and industrial consumers across India through long-term power purchase agreements at competitive tariffs.
The solar project will be connected to India's interstate transmission system that is part of the nation's green energy corridor. It is expected to contribute significantly to India's decarbonisation and renewable energy goals.
"Through our partnership with Brookfield, IFC aims to facilitate broader uptake of clean energy by demonstrating the viability of large-scale renewable generation and sale to corporate and industrial clients across India via the interstate transmission system," said Imad N. Fakhoury, IFC Regional Director for South Asia.
Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, added "The corporate appetite for clean energy is rapidly growing in India. By leveraging our expertise, we plan to continue expanding our renewable and energy transition footprint in the country."
Over 5 GW of renewable energy capacity has been added for India's commercial and industrial sector in just the last 12 months as businesses transition to sustainable energy sources.
(KNN Bureau)
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