IFC invests $5 million in Mahindra Solar One
International Finance Corporation (IFC), a member of the World Bank is providing $5 million in debt financing to Mahindra Solar One, a joint venture between Mahindra Group and Kiran Energy for a 5 MW solar power project in Rajasthan. The project is aimed at expanding access to clean energy in rural areas and address the issue of climate change. The new solar PV power plant will generate enough electricity to serve about 60,000 rural homes and is expected to avoid some 8,000 tons of greenhouse gas emissions. Mahindra Solar One planned the project as part of the Jawaharlal Nehru National Solar Mission ( JNNSM), a government initiative to expand solar production in India by 1,100 MW over the next two years. “The project is aligned with our strategy of promoting clean growth in the region, and also complements our knowledge partnership with the government of Rajasthan. IFC’S strategy in the solar sector is to increase energy access in emerging markets by investing in technology and scaling new business models, reducing costs so that more people use solar power,” said Ms. Anita George, IFC Director for Infrastructure in Asia. The Rajasthan plant is expected to generate about 9 million kilowatt-hours annually to help electrify rural parts of the country. Last year, IFC’S Advisory Services team had hosted a conference, ‘Rajasthan as a solar component manufacturing hub’, to help investors and solar energy producers recognize the states’ potential as a hub for generating solar energy.