International Finance Corporation (IFC) has committed USD 105 million to finance a 550 MW solar power project in Bikaner, Rajasthan, which is being developed by Brookfield Asset Management.

The financing will be through long-term non-convertible debentures allocated to the project's special purpose vehicles, which are implementing the project.

This is IFC’s first investment in Asia and the Pacific using a hybrid offtake structure where the project sells the power generated to C&I customers under long-term corporate PPAs along with the merchant market via exchange.

The project will be connected to the inter-state transmission system section of the green energy corridor in India.

IFC aims to facilitate the broader uptake of clean energy by demonstrating the viability of large-scale RE. Since 2010, IFC has invested USD 2.79 billion in multiple projects in renewable energy and energy efficiency sectors in India.

The country’s RE sector  is expected to generate annual investment of USD 25 billion through 2030.