The bank has already provided LOCs worth $226 million to finance 16 solar projects in various developing countries.
The Export-Import Bank of India (EXIM) will finance 27 solar power projects worth $1.4 billion spread across 15 countries, according to the Managing Director of the Bank, David Rasquinha.
“As an agent of Government of India, we are trying to promote solar power projects across the world,” he said while addressing the press on the sidelines of ‘Financing Solar Projects under Government of India’s Lines of Credit (LOCs)’.
The solar projects predominantly located in Africa and South America are identified by the International Solar Alliance and will include grid projects to generate solar power and off-grid projects like rooftop solar and irrigation pumps powered by solar panels.
“Exim Bank has already provided LOCs worth $226 million to finance 16 solar projects in various developing countries,” Rasquinha added.
Recently, The African Development Bank Group (AfDB) approved an equity investment of up to $25 million in ARCH Africa Renewable Power Fund (ARPF), a $ 250 million private equity fund for renewable energy projects across Sub-Saharan Africa.
ARPF will provide equity for the development and construction of 10 to 15 greenfield renewable energy projects in Sub-Saharan Africa, adding approximately 533MW of installed energy generation capacity from renewable sources in the region. This will provide both base load and peak load power in underserved markets.
And, Inspired Evolution, an Africa-focused investment advisory firm that specialises in the clean energy sector, closed a ZAR100 ($7.47) million investment facility by its Evolution II Fund into Commercial Energy SA – an affiliate of SolarAfrica.
Commercial Energy SA offers a new innovative financing platform that provides funding solutions for long-term private commercial and industrial (C&I) solar PV customers, via SolarAfrica’s growing network of EPC contractor partners.