Bank of America on Monday said it has extended a loan of Rs 356.5 crore to domestic solar player Fourth Partner Energy.
This is the first transaction done by the lender in the country, wherein it has extended a local currency credit facility, an official statement said.
Fourth Partner will deploy the proceeds to grow its solar operational portfolio over the next 18 months, the statement said.
This transaction is part of the lender's 'Environmental Business Initiative' which deploys capital to low-carbon, sustainable business activities and has extended over $145 billion since 2007 through lending, investing, capital raising and developing financial solutions around the world.
"India plays a vital role in curbing global emissions and Fourth Partner Energy is driving that change. Through innovative financing products like this one, we can help scale projects that are reducing greenhouse gas emissions as well as support India's role in solar energy development," the lender's vice chairman Anne Finucane said.
Fourth Partner has executed distributed solar projects with a cumulative capacity of 200 MW across 23 states in India for over 150 corporate and government clients, the statement said.
In 2018, The Rise Fund, the global impact investing arm of TPG, had invested in Fourth Partner.