IFC invests $4m in Sapphire Industrial Infrustructure
The International Finance Corporation (IFC), the investment arm of the World Bank, has injected $4 million in India’s Sapphire Industrial Infrastructures, a tin film solar plant operator.
The capital will help the New Delhi-based company, a subsidiary of renewable power developer Moser Baer Clean Energy, to bolster clean energy locally and provide additional electricity to about 11,000 people, according to a press release.
Sapphire Industrial Infrastructure is building a 5-megawatt solar plant in Sivaganga, Tamil Nadu, which will be the country’s first large-scale grid-connected thin-film plant. With a capacity of 8 million units of power annually, the plant is capable of cutting greenhouse gas emissions by approximately 6,600 metric tons per year.
Anita George, IFC Director for Infrastructure in Asia, said in the statement: "India is keen to diversify its energy mix by pursuing climate friendly renewable technologies. The successful commissioning of this first large-scale thin film solar photovoltaic plant demonstrates private sector's ability to rise to the challenges associated with achieving a balanced energy mix.”
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