Hero Future Global Ltd is seeking a loan of up to US$43.3 million from the International Finance Corporation (IFC) to fund its 250 MW solar photovoltaic park located in Bhadla, Jodhpur district, Rajasthan, India.
The solar project requires an investment of about US$ 200 million. Aside from the IFC funding, the project will also benefit from additional parallel loans of up to US$106.7 million. The IFC funding will involve a local currency loan at a fixed interest rate for up to 20 years. This will improve project viability against any adverse interest rate fluctuations and the long tenor can help increase the overall competitiveness of the project.
Once the project is operational, the power produced will be sold under a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
The loan application to the IFC is pending for approval.
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