IFC commits $105 million to Brookfield's Bikaner Solar Power project

International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, on Monday committed USD 105 million (about Rs 870 crore) to Brookfield's Bikaner Solar Power project through long-term non-convertible debentures.

These debentures have been allocated to the project's special purpose vehicles, IFC said in a statement.

The 550 MW solar power project in Bikaner, Rajasthan, will help boost India's renewable energy capacity and support climate goals, IFC said in a statement.

Following its commitment, 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 decarbonisation goals, it said.

This is IFC's first investment in Asia and the Pacific using an innovative hybrid offtake structure where the project sells the power generated to C&I consumers under long-term corporate PPAs and merchant market via ...