World Bank’s International Finance Corporation (IFC) has proposed a debt investment of $50 million (Rs 376 crore) for construction of Enel Green Power’s 300 MWac solar photovoltaic project in Bikaner.
Italy's Enel Green Power is one of the biggest renewable energy developers in the world with 49 gigawatt (GW) installed capacity across wind, solar, geothermal and hydropower projects. It has presence in 28 countries and is an existing global client of IFC.
“The project was awarded to the company in July 2020 by Solar Energy Corporation of India (SECI) and will sell the generated electricity to SECI under a 25 year power purchase agreement,” an IFC disclosure said.
The World Bank entity has also been mandated to arrange the entire debt for the project. IFC will put in $50 million from its own account and mobilise another $100 million through parallel lenders.
The total cost of the project is estimated to be roughly $200 million.
Renewable energy has seen lots of activity. Radiance Renewables recently announced that it had signed an agreement with Azure Power Global to acquire solar rooftop assets for Rs 536 crore.
The maiden infrastructure fund of Edelweiss Group recently concluded the purchase of a controlling stake in the Indian solar energy assets of French entity Engie.
IFC, which makes direct investments involving both equity and debt, also invests in private equity and venture funds.
Recently, it agreed to lend $40 million (Rs 290 crore) to Indian drugmaker Glenmark Pharmaceuticals under IFC's $8 billion fast-track COVID-19 programme.
Recently, IFC along with Sixth Sense Ventures bet on Parag Milk Foods that offers products including the Go brand of cheese.
