US DFC approves $220 mn funds for ReNew, UPC Solar Projects in India

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The U.S. International Development Finance Corporation (DFC) Board of Directors has approved $1 billion of investments that will advance development in Africa, Latin America, the Indo-Pacific, and emerging markets across the globe. The investments mark one of the largest tranches approved during a Board meeting under DFC and its predecessor agency.

“These projects will uplift some of the most underserved communities around the world,” said DFC Chief Executive Officer Adam Boehler. “They demonstrate DFC’s commitment to use its enhanced toolkit to deliver transformative results. The impact of these projects will be particularly meaningful as the world continues to fight the health and economic fallout of the pandemic.”

Announcing the same, Pranab Kumar Sarmah, CEO, UPC Solar Asia Pacific, said “We are pleased to share that US DFC has approved USD 77.3mn funding for our two projects, Sitara Solar Energy and Prayapt Solar Energy in India.”

Of the sanctioned loan, $50 million of the loan will enable Sitara Solar Energy Private Ltd. to build and operate a 100-megawatt solar power plant in Rajasthan, India.

$27.3 million loan will enable Paryapt Solar Energy Private Ltd. to build and operate a 50-megawatt solar power plant in Gujarat, India.

Along with this, US DFC announced their approval to the project loan for Strengthening energy security in India. Inder this $142 million loan will help ReNew Power develop, construct, and operate a 300-megawatt solar power plant in Rajasthan, India.

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

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