IFC to Finance Brookfield’s Bikaner Solar Power Project

Source: www.gulfoilandgas.com 6/17/2024, Location: Asia

To support India in scaling up its renewable energy capacity, International Finance Corporation (IFC) has committed to part finance a ~550 MWp solar power project in Bikaner, Rajasthan being developed by Brookfield Asset Management ("Brookfield") with $105 million through long-term non-convertible debentures allocated to the project's special purpose vehicles, which are implementing the project.

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 decarbonization goals.

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 exchange. The project will be connected to the inter-state transmission system section of India's green energy corridor. Solar plants are also expected to annually mitigate greenhouse-gas (GHG) emissions by 804,408 tons of CO2, equivalent to taking over 173,680 cars off the road every year.

India is at the forefront of a green transition in the energy sector, having pledged to increase its non-fossil fuel capacity to 500 GW by 2030. The country's renewable energy sector has already attracted about $10 billion in annual investments between 2017 and 2022 and is expected to generate annual investments of $25 billion through 2030. Of this, around 20 percent is estimated to be directed towards the C&I and merchant market.

"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 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."

"We are pleased to collaborate with IFC, sharing a common goal through this strategic partnership. 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 focusing on both state utility and C&I segments in the country. With a portfolio of over 25 GW of renewable power assets in operation or in development across leading platforms in the country we look forward to capitalizing on the scaled transition opportunities on offer in the country," said Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield.

Since 2010, IFC has invested $2.79 billion in multiple projects to strengthen the renewable energy and energy efficiency sectors in India.


Brazil >>  7/19/2024 - Petrobras, in continuation of the Material Fact of June 17, 2024, informs that it has obtained approval from partner companies in E&P consortia for re...
Canada >>  7/19/2024 - Touchstone Exploration Inc. ("Touchstone") reports that the Company granted its non-executive directors, executive officers and key employees share aw...

Canada >>  7/19/2024 - On October 31, 2023 Gran Tierra Energy Inc. ("Gran Tierra") announced a normal course issuer bid (the "NCIB") through the facilities of the Toronto St...
China >>  7/19/2024 - ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International"), a leading manufacturer and supplier of patented high-performance stainle...

Morocco >>  7/19/2024 - Chariot (AIM: CHAR) is pleased to announce its intention to undertake a fundraising by way of a placing (the "Placing") and a direct subscription (the...
Netherlands/Holland >>  7/19/2024 - Shell plc (the ‘Company’) announces that on 19 July, 2024 it purchased the following number of Shares for cancellation. ...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.