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International Finance Corporation (IFC) plans to debt finance the construction of Thar Surya 1 Pvt Ltd’s 300 MW solar power project in Bikaner, Rajasthan by $50 million.
According to IFC, the total solar power project cost is estimated at $200 million.
Apart from lending $50 million, IFC will also mobilise $100 million debt through parallel lenders.
The solar power project is sponsored by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power S.p.A., an existing IFC client.
Enel Green Power is one of the largest renewable energy developer in the world with 49 GW installed capacity across wind, solar, geothermal and hydropower projects, and with presence in 28 countries.
Enel Green Power is a subsidiary of Enel S.p.A., Italy.
The solar power generation project was awarded by Solar Energy Corporation of India (SECI).
The power generated by Thar Surya will be sold to SECI under 25 year Power Purchase Agreement (PPA).