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IFC to put $10 m in solar projects

International Finance Corporation (IFC), the commercial lending arm of the World Bank, is looking to make a quasi-equity investment of $10 million in upcoming solar power projects in Punjab and Gujarat being set up by Azure Power.

Azure Power India will build, own and operate multiple independent solar power plants. It has received approvals to commission over 22 mega watts across several Indian states and proposes to install 100 mw by the end of financial year 2012.

The company’s 5-mw scale grid connected solar power plant is expected to go on stream in Punjab next month. It also plans a 10-mw power plant in Gujarat by the end of this financial year, besides a 4-mw expansion in Punjab. The project cost is approximately $60 million.

The 5-mw power plant in Punjab will come up at Awan village, which is located about 40 km from Amritsar. However, site for the 15-mw power plant in Gujarat is still underway.

Source: My Digital FC

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