IFC in­vests $5 mil­lion in Mahin­dra So­lar One

Power Watch India - - DISPATCHES -

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.

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