IFC Pledges USD 105 Million to Brookfield's Bikaner Solar Project

The International Finance Corporation has committed USD 105 million through non-convertible debentures to Brookfield's 550 MW Bikaner Solar Power project. This funding aims to boost India's renewable energy capacity, supporting climate goals with competitive tariffs for commercial and industrial consumers, specifically using an innovative hybrid offtake structure.

The International Finance Corporation (IFC), the World Bank Group's private sector financing arm, has pledged USD 105 million to Brookfield's Bikaner Solar Power project. The funds, allocated via long-term non-convertible debentures, intend to enhance India's renewable energy capacity and aid in achieving climate goals.

This 550 MW solar power initiative will supply cost-effective solar energy to commercial and industrial consumers across India through extensive power purchase agreements (PPAs). Brookfield's model, a first for IFC in Asia and the Pacific, combines long-term corporate PPAs and merchant market sales.

Additionally, the project aims to significantly reduce greenhouse gas emissions, underscoring India's commitment to increasing non-fossil fuel capacity to 500 GW by 2030. With a robust portfolio of over 25 GW in renewable energy assets, Brookfield stands poised to leverage India's transitional energy landscape.