IFC invests in Brookfield's Bikaner Solar Power Project.

The IFC, a member of the World Bank Group, promotes private sector growth in developing nations by investing in stock and loans. 

The International Finance Corporation (IFC), a member of the World Bank Group, has pledged $105 million (about Rs 871 crore) to Brookfield's Bikaner Solar Power Project in Rajasthan. This investment will take the form of non-convertible debentures and will help to expand India's renewable energy infrastructure.

Brookfield’s Solar Project in Bikaner

The Brookfield Global Transition Fund (BGTF) is creating a 550 MW solar power facility in Bikaner, Rajasthan, in two phases. The first phase of 268 MW was commissioned in March 2024, followed by the second phase of 282 MW, for a total of 550 MW. The second phase is anticipated to cost USD 317 million. The project is connected to India's interstate transmission system and expects to reduce greenhouse gas emissions by around 804,408 tons of CO2 annually.

Impact and Market Engagement

The Bikaner solar project will provide green energy to commercial and industrial clients under long-term power purchase agreements, as well as engage in the merchant market through power exchanges. This program is consistent with India's objective of considerably increasing non-fossil fuel-based electricity generation to 500 GW by 2030, hence contributing to global climate change mitigation efforts.

The IFC's Role and Objectives

Founded in 1956, the IFC promotes private sector growth in World Bank member nations by investing in capital instruments such as stocks and debt instruments such as debentures. This investment demonstrates the IFC's commitment to promote sustainable economic growth through renewable energy projects across the world.

International Finance Corporation (IFC): Key Points

The International Finance Corporation (IFC) is a member of the World Bank Group that was founded in 1956 to promote private sector growth in underdeveloped nations.

Purpose: The International Finance Corporation (IFC) invests and offers consultancy services to developing countries in order to promote private sector growth.

Investment Focus: Its investment focus is on private equity and debt products, such as infrastructure, financial markets, and renewable energy.

Global reach: IFC, headquartered in Washington, D.C., works in over 100 countries to promote sustainable development via partnerships with businesses.

Impact: IFC initiatives seek to provide social and environmental benefits, such as job creation, poverty alleviation, and climate mitigation.

Collaboration: As part of the World Bank Group, the IFC collaborates with other organizations such as the IBRD and IDA to solve global development concerns.