Brookfield Asset Management has secured funding from the International Finance Corp. to build a 550-megawatt solar park in India’s Rajasthan state totaling $105 million through long-term non-convertible debentures allocated to the project’s special-purpose vehicles, which are implementing the project.
Following its commitment, Brookfield will provide solar power to commercial and industrial (C&I) consumers across India at more competitive tariffs through long-term power purchase agreements (PPAs) and contribute to the nation’s decarbonization goals.
This is IFC’s first investment in Asia and the Pacific using an innovative hybrid offtake structure where the project sells the power generated to C&I consumers under long-term corporate PPAs and merchant market via exchange. The project will be connected to the interstate transmission system section of India’s green energy corridor. Solar plants are also expected to annually mitigate greenhouse-gas (GHG)
