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International Finance Corp. to Provide USD 5 Million to Mahindra Solar for 5-MW PV Plant in Rajasthan, India

  • The International Finance Corp. (IFC), a member of the World Bank Group, announced that it will provide USD 5 million in debt financing to Mahindra Solar One (Mumbai, India) for a 5-MW solar photovoltaic (PV) project in Rajasthan, India.Electricity for 60,000 rural homes.The PV plant, which is part of the Jawaharlal Nehru National Solar Mission, will generate about 9 million kWh annually to help electrify rural parts of the country. The project will supply power to about 60,000 rural homes.
  • “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,” said Anita George, IFC Director for Infrastructure in Asia.“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.”Mahindra Solar One is a joint venture between the Mahindra Group and Kiran Energy (Mumbai, India).

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