Brookfield RJ is a group of special purpose vehicles (SPVs) developing ~560 MWp portfolio of ground mounted open access solar plants on one contiguous polygon in Bikaner District, Rajasthan (site coordinates: 28°08'04.4N / 73°06'32.4E) supplying power to commercial and industrial clients through a long-term power purchase agreement and sale of power on exchange such as Indian Power Exchange. The proposed investment consists of senior debt financing of up to US$95 million in INR equivalent to finance the development of the solar plants.
At the time of IFC’s appraisal in May 2023, the Sponsor and the Engineering, Procurement and Construction contractor (Jakson Green Pvt Ltd. https://www.jakson.com/) were preparing to start construction. Total project capacity will be 560 MW DC / 400 MW AC. Total land area required is approximately 680 hectares. This land is being acquired through voluntary 29-year lease agreements negotiated with over 100 private landowners by renewable energy firm Aright Greentech (https://arightgreentech.com/). Project power will be channelled through the new Bikaner II substation via a 220 kV transmission line with a length of 10.5 km.
Bikaner District is situated in the middle of the Thar desert and has a hot desert climate (Köppen climate classification BWh) in Western India with very little rainfall and extreme temperatures. The closest settlement to the project site is Kawani village situated 600 meters to the northeast where many of the landowners who agreed to lease land to the project live. The land for the project site and transmission line consists mainly of open scrublands and modified rainfed agricultural lands.
ENVIRONMENTAL AND SOCIAL INFORMATION
This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Key E&S issue and risks associated with the project include: (i) EPC procurement & contractor E&S management; (ii) cumulative impacts on water resources, and loss of agricultural land; (iii) construction phase impacts related to OHS, traffic risks, community safety & waste management; (iv) labour aspects in line with PS 2 requirements; (v) operation phase impacts related to water use, drainage, and waste management (broken solar panels); (vi) land procurement process & alignment with PS 5 requirements and physical/economical displacement from land acquisition (if any) for RoW of the T-line; (vii) supply chain aspects related to procurement of solar panels and cells; (viii) stakeholder engagement.
The total project cost is estimated to be approximately US$ 317 million. IFC’s proposed investment will be a long term senior loan of US$95 million in INR equivalent.
The SPVs are wholly owned by BGTF Holdings DIFC Limited. BGTF Holdings is 80% held by Brookfield Asset Management, and 20% Brookfield Renewable, collectively referred to as the Sponsors (https://www.Brookfield.com).
As stated by the IFC, BGTF Fund is a US$15 billion fund with a mandate to invest in decarbonization opportunities such as green/blue steel, green hydrogen, carbon capture, EV build outs, etc.
Brookfield Renewable is one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Their diversified 21,000 MW capacity portfolio consists of hydroelectric, wind, solar, distributed energy, and sustainable solutions across five continents.
Brookfield has over US$750 bn of assets under management across renewable power & transition, infrastructure, private equity, real estate, and credit; US$22 bn of AUM is in India which includes US$11bn in infrastructure, US$8 bn real estate, and US$3 bn others.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Brookfield Asset Management||Parent Company||Finance||owns||BGTF Holdings (DIFC) Limited||Client||Finance|
|Brookfield Corporation||Parent Company||Finance||owns||Brookfield Asset Management||Parent Company||Finance|
|Brookfield Corporation||Parent Company||Finance||owns||Brookfield Renewable Partners||Investor||Energy|
|Brookfield Renewable Partners||Investor||Energy||invests in||BGTF Holdings (DIFC) Limited||Client||Finance|
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