IFC’s Investment in Solar Project | 18 Jun 2024
Recently, the International Finance Corporation (IFC), the private sector lending arm of the World Bank, has pledged USD 105 million to part-finance a 550 Megawatt peak (MWp) solar power project in Rajasthan.
- MWp refers to the maximum power output capacity of a solar or wind power project that varies depending on wind speed and the strength of sunlight.
- The investment aims to provide affordable prices for solar electricity to businesses and industries across India through long-term energy contracts. This will help support India's efforts to reduce greenhouse gas emissions.
- The Indian government has set an ambitious plan to achieve 500 GW of Renewable Energy (RE) capacity by 2030, leading to increased investments in the energy transition space.
- World Bank was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF. The IBRD later became the World Bank.
- IFC claims to be the largest global development institution focused on the private sector in developing countries. It also seeks to ensure that private enterprises in developing nations have access to markets and financing.
Read more: Renewable Energy, World Bank