Brookfield To Get IFC Funds For 550 MW Rajasthan Solar Park

Brookfield To Get IFC Funds For 550 MW Rajasthan Solar Park

A portion of the funding required by Brookfield Asset Management to construct a 550-MWp solar park in the Indian state of Rajasthan would come from the International Finance Corporation (IFC).

The Canadian organisation will be compensated USD 105 million (EUR 98 million) for long-term non-convertible debentures that are assigned to the special purpose vehicles of the photovoltaic (PV) project.

“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 of Renewable Power & Transition at Brookfield on Rajasthan project.

The funding will support the development of a photovoltaic park in the city of Bikaner, which is located east of the Pakistani border. The plant is expected to produce electricity for sale under long-term power purchase agreements (PPAs) to commercial and industrial (C&I) clients throughout India.

The interstate transmission system in India will be linked to the Bikaner solar farm. Its operation is projected to help India reach its 2030 target of increasing its non-fossil fuel capacity to 500 GW.

Recently, Brookfield Renewable and Microsoft have entered into an energy framework agreement for 10.5GW of renewable capacity. The deal is meant to power upcoming data centers owned by Microsoft, as it doubles down to build stronger AI capabilities that will need much more energy at data centers to deliver.