The IFC is focused on supporting renewable energy initiatives that offer commercial and industrial consumers across India more competitive energy tariffs.
Since 2010, the IFC has invested $2.79bn in multiple projects to boost renewable energy. Credit: Diyana Dimitrova / Shutterstock.
The International Finance Corporation (IFC) has committed to invest $105m in Brookfield Asset Management’s 550MW solar power project in Bikaner, Rajasthan.
The investment will be channelled through long-term non-convertible debentures, specifically allocated to the project’s special purpose vehicles.
The IFC, a member of the World Bank Group, is focused on supporting renewable energy initiatives that offer commercial and industrial consumers across India more competitive energy tariffs.
The move is part of India’s plan to increase its non-fossil fuel capacity to 500GW by 2030, a major step in the country’s green energy transition.
IFC South Asia regional director Imad Fakhoury stated: “Through our partnership with Brookfield, IFC aims to facilitate the broader uptake of clean energy by demonstrating the viability of large-scale renewable energy generation, and sale to pan-India corporate and industrial clients, through the interstate transmission system.
“The novel procurement options underscore the role of hybrid transactions in scaling up investments in renewables, increasing market competitiveness, and offsetting the energy sector’s carbon footprint — key to achieving India’s climate goals.”
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