International Finance Corporation (IFC) has announced to part finance a 550 MW solar power project in Bikaner, Rajasthan being developed by Brookfield Asset Management with $105 million through long-term non-convertible debentures allocated to the project’s special purpose vehicles, which are implementing the project.
Following this, Brookfield will provide solar power to commercial and industrial (C&I) consumers across India at more competitive tariffs through long-term power purchase agreements (PPAs) and contribute to the nation’s decarbonization goals, IFC said in a statement.
The project will be connected to the inter-state transmission system section of India’s green energy corridor.
“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,” said Imad N. Fakhoury, IFC’s Regional Director for South Asia.
“The corporate appetite for clean energy is growing in India, with over 5 GW of renewable capacity added for the C&I sector in the last 12 months alone. By leveraging our operational expertise, we plan to continue to expand our renewable and energy transition footprint in India…,” said Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield.
