Jan 25 2011
International Finance Corporation (IFC), a member of the World Bank, has guaranteed $300 million, for renewable energy project developments in India. Anita George, Director of Infrastructure at IFC, said that the funding would be a blend of debt and equity over the coming three years.
One fourth of the fund would be used in the nation’s emerging solar power market, while the remaining amount would be invested in biomass and wind power projects. The country has a huge market in solar power and suitable study, legislative framework and local production could assist recognize this potential, she added.
The investment is a portion of $1 billion that IFC plans to invest on renewable energy projects throughout the world by 2013. In India, solar power currently accounts for less than 1% of the total power produced. George commented that even though the solar power market in India is performing well, the country should take more initiatives like China.
George continued that IFC has been backing financial institutions including Infrastructure Development Finance Company to fund more money to renewable energy projects. The banks in India have started showing interest in financing solar power projects, she added. She further said that IFC was also in discussion with some solar energy developers in India.
Source: http://www.ifc.org