Danish-Owned Investment Fund Develops 250MW Solar Power Plant in India
Investment Fund for Developing Countries, a fund owned by the Danish government, has agreed to develop a 250MW solar power plant in Rajasthan, India. In fact, IFU has signed a shareholder’s agreement with ACME in India and the United Nations Office for Project Services (UNOPS).
According to the agreement, IFU agreed to obtain a 39% stake in ACME’s solar power plant. The solar project, which costs $178 million, will produce 675G of clean energy a year.
This is enough to power about 500,000 households. What’s more, the solar project will be capable of offsetting 500,000 tonnes of carbon emissions.
Moreover, the United Nations Office for Project Services is looking to invest in the project via its Sustainable Investments in Infrastructure and Innovation (S3i) initiative.
According to Rahul Dubey, the IFU Investment Director, investing in the project will help the firm reach its goal of creating green, inclusive, and just societies. This will provide more energy supply to Indians and help them transition into green energy for a better livelihood.
IFU invested on behalf of the Danish SDG Investment Fund, which is backed by the Danish state and private investors like significant Danish pension funds and others.
Around 225 jobs will be created during the construction phase, and 75 permanent jobs will be created during the operation.