The International Finance Corporation (IFC), part of the World Bank Group, has committed $105 million (approximately Rs 871 crore) to Brookfield’s Bikaner Solar Power project in Rajasthan. This investment will be in the form of non-convertible debentures, supporting the expansion of renewable energy infrastructure in India.
Brookfield Global Transition Fund (BGTF) is developing a 550 MW solar power project in Bikaner, Rajasthan, divided into two phases. The first phase of 268 MW was commissioned in March 2024, with the second phase adding 282 MW, totaling 550 MW. The estimated cost of the second phase is USD 317 million. The project is connected to India’s interstate transmission system and aims to reduce greenhouse gas emissions by approximately 804,408 tons of CO2 annually.
The Bikaner solar project will supply green energy through long-term power purchase agreements to commercial and industrial clients, as well as participate in the merchant market via power exchanges. This initiative aligns with India’s goal to significantly increase its non-fossil fuel-based power capacity to 500 GW by 2030, contributing to global efforts to mitigate climate change.
Founded in 1956, IFC supports private sector development in World Bank member countries by investing in capital instruments such as shares and debt instruments like debentures. This investment reflects IFC’s commitment to promoting sustainable economic growth through renewable energy projects globally.
The International Finance Corporation (IFC) is a member of the World Bank Group, established in 1956 to support private sector development in developing countries.
Purpose: IFC provides investment and advisory services to foster private sector growth in developing nations.
Investment Focus: It invests in equity and debt instruments of private enterprises, including infrastructure, financial markets, and renewable energy.
Global Reach: Headquartered in Washington D.C., IFC operates in over 100 countries, partnering with businesses to promote sustainable development.
Impact: IFC projects aim to generate social and environmental benefits, including job creation, poverty reduction, and climate change mitigation.
Collaboration: As part of the World Bank Group, IFC works alongside other institutions like IBRD and IDA to address development challenges globally.
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