The International Finance Corporation (IFC) has partnered with Axis bank to provide a $500 million loan to them. This loan is aimed at scaling the green finance in India and developing the blue finance market. The funds will be utilised for projects in offshore renewable energy, water waste management and others. Further, they will be used to enhance financing for climate projects across India, focussing on green buildings that will mitigate climate change impacts and help generate employment.
In June 2024, IFC committed $105 million to partially finance a 550 MW solar power project. To be located in Bikaner, Rajasthan, the project is being developed by Brookfield Asset Management. The funding will involve long-term non-convertible debentures allocated to the special purpose vehicles which will be responsible for executing the project.
