Solar projects in India are to receive a boost from DFC via a US$142 million loan which has been granted and which will help ReNew Power develop a 300 MW solar power project in Rajasthan. In December of 2019, Mercom gave a report stating that ReNew Power announced a joint venture partnership with South Korea’s GS E&C for the construction of a 300 MW solar power project in Rajasthan. The project was a part of the Solar Energy Corporation of India’s (SECI) tranche-IV auctions, which was completed in 2019.
A US$50 million loan to Sitara Solar Energy Private Ltd., to build and operate a 100 MW solar power project in the state of Rajasthan was additionally approved. Furthermore, a US$27.3 million loan has also been granted to enable Paryapt Solar Energy Private Ltd, to build and operate a 50 MW solar power project in Gujarat. In February of 2019, Paryapt Solar emerged as the lowest bidder to develop a 50 MW solar project. Lastly, a US$14.6 million loan guaranty to World Business Capital will support the growth of Avanse Financial Services’ student loan program in India.
The U.S. International Development Finance Corporation (DFC) has given the green light for the transfer of US$1 billion to help enhance sustainable development processes in Africa, Latin America, the Indo-Pacific, and other emerging markets, including Solar Projects in India. The U.S. International Development Finance Corporation was established in 2019 through the BUILD (Better Utilization of Investments Leading to Development) Act. “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 using 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 consequences of the pandemic.” A US$50 million loan will help Northern Arc Capital extend loans to businesses that help distribute water, sanitation, and food or advance women’s economic empowerment in India.