International Finance Corporation (IFC) plans to provide about $50 million in the form of debt financing for the development of the 300 MW Thar Surya solar project. The project will be located in Bikaner region of Rajasthan, India. The solar plant is expected to begin operations by the end of 2021.
The cost of developing the project is estimated to be a total of $200 million. In addition to the $50 million, IFC will also be helping to mobilise debt financing of about $100 million through other lenders. The project is being developed and sponsored by Enel Green Power India, a subsidiary of Enel S.p.A, Italy. The solar project is expected to generate more than 750 GWh of renewable energy annually, which will be sufficient to curb yearly emissions of about 681,600 tons of carbon dioxide.
In June 2020, Enel Green Power, through its subsidiary EGP India, was awarded the energy supply contract for solar project under national competitive bidding held by the Solar Energy Corporation of India (SECI). The project was awarded under the 2 GW ninth tranche of the national solar tender issued by SECI. The power generated by the project will be supplied to the corporation under a long-term power purchase agreement for a period of 25 years.
Enel Green Power is a renewable energy developer with 49 GW installed capacity over the world across wind, solar, geothermal and hydropower projects, and with presence in 28 countries. Through EGP India, Enel Green Power owns and operates 172 MW of wind capacity producing around 340 GWh per year in Gujarat and Maharashtra.