World bank’s private investment arm to invest $125m
The International Finance Corporation (IFC), the World Bank’s private investment arm, on Thursday pledged to invest $ 125 million in equity to fund renewable energy projects built by Hero Future Energies (HFE).
This deal between IFC (and the IFC Global Infrastructure Fund) and HFE comes at a time when the Narendra Modi government aims to increase India’s renewable energy production capacity to 175 GW by 2022.
HFE Chairman and Managing Director Rahul Munjal said.his company’s goal is to achieve 2.7 GW renewable energy capacity by 2020.
HFE’s chief executive officer Sunil Jain said the company will focus “aggressively” on expanding its rooftop solar portfolio.
Investments in renewable energy are crucial at a time when accelerated climate change figures among the greatest threats facing humankind.
In October last year, India ratified the historic Paris Climate Change Agreement. Its greenhouse gas emissions account for 4.1% of the global total, but it has pledged to produce – by 2030 – at least 40% of its electricity through means that don’t involve the burning of fossil fuels.