IFC to make first solar investment
World Bank investment unit the International Finance Corporation has confirmed that it will inject $10 million into India’s Azure Power, a solar energy service provider, to expedite that company’s nascent power projects in states such as Punjab, Haryand and Gujarat.
The investment case is for the establishment of a series of solar plants which will generate electricity for Indian villages. Specifically, the funds will go toward new megawatt-scale, grid-connected capacity to provide over 20MW hours of clean energy while reducing CO2 emissions by an estimated 10,000 tonnes annually, according to IFC.
The investment is the IFC’s first in solar power under its new clean technology investment programme. Apart from cash, their engagement adds substantial expertise in doing structured finance in the infrastructure space, Azure Power noted.
The Indian company has already garnered solid support from leading cleantech VC investors Helion Venture Partners and Foundation Capital.
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