Mahindra Solar gets $5M loan from IFC for Rajasthan project

The International Finance Corporation will provide $5 million in debt financing to Mahindra Solar One for a 5 MW solar power project in Rajasthan.

The plant is expected to generate about 9 million kilowatt-hours annually to help electrify rural parts of the country.

The new solar photovoltaic power plant will generate enough electricity to serve about 60,000 rural homes, and is expected to avoid some 8,000 tons of greenhouse gas emissions.

Anita George, IFC Director for Infrastructure in Asia, has said that "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".

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, George added.