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<p><a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">International Finance Corporation</a> (IFC) has proposed a $50 million loan facility to Italy-based <a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a> to fund its solar project in Rajasthan’s Bikaner.</p>
<p>The 300 MW Thar Surya solar photovoltaic (PV) project is being developed by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power, an existing global client of IFC.</p>
<p>IFC is the lead arranger for the entire debt portion for the current venture and will mobilize $100 million debt through parallel lenders. According to IFC, the total cost of the project is estimated at $200 million.</p>
<p>The project was awarded to Enel Green Power in July 2020 by the <a href="https://www.seci.co.in/" target="_blank" rel="noopener">Solar Energy Corporation of India</a> (SECI). Enel will sell the generated electricity to SECI under a 25-year power purchase agreement. IFC is the mandated lead arranger for the entire debt portion.</p>
<p>The award was part of SECI’s <a href="https://mercomindia.com/seci-solar-auction-india-record-low/" target="_blank" rel="noopener">auction</a> for 2 GW of the interstate transmission system (ISTS) connected solar projects (Tranche IX) conducted in June 2020. Enel had quoted the second-lowest tariff of ₹2.37 (~$0.0314)/kWh for the 300 MW it had bid for.</p>
<p>Operating in 28 countries, Enel Green Power is one of the largest renewable energy developers globally, with 49 GW installed capacity across the wind, solar, geothermal, and hydropower projects.</p>
<p>In July last year, the Italian renewable energy company had <a href="https://mercomindia.com/enel-green-power-partners-with-norfund/" target="_blank" rel="noopener">announced</a> that it had entered into a long-term joint investment (JV) partnership with Norwegian private equity company Norfund to set up renewable energy projects in India.</p>
<p>Enel Green Power said it would jointly finance, build, and operate new renewable projects in India with Norfund through its Indian subsidiary, Enel Green Power India.</p>
<p>In a bid to push green financing, IFC had <a href="https://mercomindia.com/ifc-asks-clients-not-invest/" target="_blank" rel="noopener">asked</a> its clients in the financial sector to increase their climate-related lending, reducing their exposure to coal to zero or close to zero by 2030. IFC has excluded coal-related investments from its loans.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/increasing-insurance-companies-moving-away-coal-based-projects/" target="_blank" rel="noopener">reported</a> that an increasing number of lending institutions are moving away from coal-based projects.</p>
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IFC Proposes $50 Million Loan for Enel’s 300 MW Solar Project in Rajasthan

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