The International Finance Corporation (IFC) will provide some of the financing needed by Brookfield Asset Management (TSE:BAM.PF.F) to build a 550-MWp solar park in India’s Rajasthan state.
The Canada-based group will receive USD 105 million (EUR 98m) through long-term non-convertible debentures allocated to the photovoltaic (PV) project’s special purpose vehicles, IFC said on Monday.
The financing will back the construction of a PV park in the city of Bikaner, east of the border with Pakistan. The plant will generate electricity for commercial and industrial (C&I) consumers across India, with its output planned to be sold under long-term power purchase agreements (PPAs).
The Bikaner solar farm will be connected to India’s inter-state transmission system. Its operation is seen to contribute to India’s goal of lifting its non-fossil fuel capacity to 500 GW by 2030.
“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,” said Nawal Saini, managing director Renewable Power & Transition at Brookfield.
(USD 1.0 = EUR 0.933)
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