International Finance Corporation, a sister organisation of the World Bank, is looking to invest $43.3 million in Munjal family-promoted Hero Future Energies Global (HFE) through the debt-financing route. IFC indicated in a disclosure that the total estimated project cost is approximately $200 million, of which IFC will provide a debt-financing of $43.3 million along with mobilisation of senior loans on best effort basis. HFE\u2019s step-down subsidiary Clean Solar Power (CSP) has proposed the development, construction, operation and maintenance of a 250 MW solar farm located in Bhadla, Rajasthan. The solar farm will sell power to Solar Energy Corporation of India pursuant to a 25-year power purchase agreement, IFC stated in a disclosure. Also read:\u00a0Reliance Jio inching closer to Airtel, still not the 2nd largest telecom operator in India IFC will provide a fixed-interest rate local currency loan with long term maturity of up to 20 years which it said is not easily available in the market. \u201cThis will improve project viability against any adverse interest rate fluctuations. Moreover, longer tenor loans can help increase the overall competitiveness of the project,\u201d it stated in the disclosure. The World Bank\u2019s arm also indicated that its involvement will facilitate the participation of other lenders to finance the project, especially in a market context where local lenders are facing sectoral headwinds. This is not the first time IFC is investing in HFE. In 2016, IFC and its Global Infrastructure Fund (GIF) had each invested $62.5 million in the firm. HFE is a renewable energy developer in India and currently has an installed capacity of more than 1.2 GW and is in the process of implementing approximately another 1 GW. The firm has presence in nearly 10 states with operating asset base across wind, solar PV (grid connected) and rooftop plants. On its website, the company has stated that it is optimistic about building a robust portfolio of 3.5 GW by 2022. The Munjal family, through their investment vehicles, owns a majority stake in the HFE Group. IFC and IFC GIF are other significant shareholders in HFE. "The investment proposal will now go to the IFC\u2019s board of directors for approval. The board is likely to take it up before the end of May," an IFC spokesperson said in an emailed response.