Azure Power to fund 40-MW solar scheme with IFC loan
Sep 1, 2014 - The World Bank’s International Finance Corp (IFC) will extend USD 14.3 million (EUR 10.9m) in financing to Azure Power India Pvt Ltd to support the latter's 40-MW solar project in Rajasthan, northwestern India.
The lender will provide an “A” loan of up to USD 14.3 million to the Indian firm, it said on its website on Friday.
The solar project is being developed through Azure Power’s subsidiary Azure Clean Energy Private Ltd. The proposed plant will be constructed in Rajasthan’s Jodhpur district and is expected to be switched on by the end of April, 2015. Following completion, it will be sold to the Solar Energy Corporation of India (SECI), according to IFC’s website.
Azure Power focuses on the construction, ownership and operation of solar parks in India. Among its investors are the IFC, Helion Venture Partners and Foundation Capital. The Indian firm intends to install an additional 60 MW of solar capacity in Jodhpur.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.