- DFC’s project includes helping developing countries reeling from COVID-19 and first transactions using equity and technical assistance
- The funds will be used in developing solar power projects in Rajasthan and Gujarat
The U.S. International Development Finance Corporation (DFC) Board of Directors has approved $1 billion of investments that will advance development in Africa, Latin America, the Indo-Pacific, and emerging markets across the globe. The investments mark one of the largest tranches approved during a Board meeting under DFC and its predecessor agency.
“These projects will uplift some of the most undeserved communities around the world. They demonstrate DFC’s commitment to use 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 fallout of the pandemic,” said DFC Chief Executive Officer Adam Boehler.
$219.3 for solar projects in Rajasthan and Gujarat
DFC, in its fund of $1 billion has included $219.3 million for development of solar power projects in India. These include loans to Paryapt Solar Energy Private Ltd, Sitara Solar Energy Private Ltd and ReNew Power.
“A $142 million loan will help ReNew Power develop, construct, and operate a 300-megawatt solar power plant in Rajasthan, India. A $50 million loan will enable Sitara Solar Energy Private Ltd. to build and operate a 100-megawatt solar power plant in Rajasthan, India,” read DFC’s official statement.
It continued, “A $27.3 million loan will enable Paryapt Solar Energy Private Ltd. to build and operate a 50-megawatt solar power plant in Gujarat, India.”
DFC has also allocated different amounts for increasing access to education, scaling up high-impact businesses, empowering smallholder dairy farmers, and various others in India.