WB’s IFC to provide $10m for clean energy project in India

mwadm | 15/04/2010 | 0 Comments

IFC, a member of the World Bank Group, said it will provide an equity investment of $10 million to Indian-based independent solar power company, Azure Power Private Ltd, to carry out a clean energy project. Involving a new megawatt scale grid-connected solar plants, the project will expand capacity to produce over 20,000 megawatt hours of clean energy annually upon completion. This will reach a hundred villages in several Indian states, and avoid more than 10,000 tonnes of carbon-dioxide emissions per year. “Azure Power will be the first direct investment for IFC in a megawatt gridconnected solar power project developer,” said Anita George, IFC infrastructure director for Asia. “The project, IFC’s first cleantech investment in South Asia, will go a long way in contributing to the development of the solar power generation sector.”