IFC offers $43.3 million in debt funding to Hero Future Energies

The International Finance Corporation (IFC) plans to provide debt financing of up to $43.3 million (Rs 3 billion) to Hero Future Energies Global Limited for the construction of a solar power plant. The money will be used to build a 250 MW project at Bhadla in Rajasthan. The total project cost is $200 million. The project is being developed by Clean Solar Power (Jodhpur) Private Limited, a stepdown subsidiary of Hero Future Energies. The financing from IFC will involve a local currency loan at a fixed interest rate for up to 20 years. IFC will also help Hero Future Energies mobilise senior loans, the amount of which has not been specified.