Gujarat Receives IFC Funding for Solar Energy Project

The state of Gujarat in India has received funding from the IFC (International Finance Corporation) towards a distributed solar project.

The IFC is a part of the World Bank Group. The IFC is currently working on a private-public partnership agreement with the Gujarat government for designing and structuring rooftop/distributed solar power projects in the Gandhinagar area in Gujarat.

This solar project includes rooftop solar panel installations, which will produce 40 MW of energy towards powering approximately 100,000 homes in Gandhinagar, while also contributing towards the goal of Gujarat in installing solar capacity to the extent of 500 MW by March 2014.

The pilot project meant for a solar installation with 5 MW capacity is anticipated to reduce the carbon footprint as well as greenhouse gas emissions to the extent of 6,000 tonnes annually and is likely to mobilize investments in the private sector. IFC’s advisory teams will be working together for providing the necessary expertise towards handling this pilot project.

Source: http://www.ifc.org/