IFC to Finance USD 105 million to Brookfield’s 550 MW Solar Project in Bikaner, Rajasthan

Current Context: The International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, has committed USD 105 million to Brookfield’s Bikaner Solar Power project in Rajasthan on 18th June 2024.

• This investment will be channeled through long-term non-convertible debentures specifically allocated to the project’s special purpose vehicles.
• The solar project, with a capacity of 550 MW, aims to contribute to India’s ambitious goal of increasing its non-fossil fuel capacity to 500 GW by 2030.
• Through this partnership, the IFC aims to demonstrate the viability of large-scale renewable energy generation and sale to corporate and industrial clients across India.
• The project will deliver power through long-term power purchase agreements (PPAs) and will be connected to the inter-state transmission system, facilitating the integration of renewable energy into the national grid.

Question:

1 What is the total amount committed by the IFC to Brookfield’s Bikaner Solar Power project?

• A) USD 105 million
• B) USD 115 million
• C) USD 150 million
• D) USD 200 million

Answer: A) The International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, has committed USD 105 million to Brookfield’s Bikaner Solar Power project in Rajasthan on 18th June 2024.