US Development Finance Corporation announces full slate of investments in India
Oct 10, 2023
Chennai (Tamil Nadu) [India], October 10 : The US Development Finance Corporation (DFC) has announced its full slate of investments in India.
To bolster clean energy manufacturing and diversify critical supply chains in India, a USD 425 million loan has been assigned to TP Solar Limited, a wholly-owned subsidiary of Tata Power Renewable Energy Limited. This will help finance the construction and operation of a greenfield 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing facility in India.
This investment will support India's program to increase renewable energy generation while advancing the global energy transition to diversify supply away from PRC dominance, according to an official release.
To advance clean energy in India, a USD 35 million equity investment in SAEL Industries Ltd. will finance the expansion of solar and waste-to-energy power generation and operations, diversifying India's energy portfolio.
To increase access to financing for tech startups in India, a USD 15 million equity investment has been finalised in Ankur Capital Fund III which will provide capital to support innovative, early-stage tech companies in India.
For increasing global access to affordable healthcare, a USD 50 million loan to GeneSys Biologics Private Ltd. will help expand its insulin manufacturing facilities in India, which is expected to provide greater availability and affordability of critical diabetes treatments worldwide.
For improving food security in India, a USD 33 million loan to Leap India Food & Logistics will help build grain silos that will modernize food storage in India and improve local food security.
A USD ten million loan has been assigned to Clime Finance Private Limited to support on-lending to MSMEs engaged in climate adaptation and mitigation activities in India.
This will help bolster climate finance in India.
For expanding financial inclusion in rural India, a USD 12 million loan will be given to Pahal Financial Services Private Ltd. will support the expansion of the company's microfinance portfolio, targeting rural and semi-urban women in India.
