IFC Finances Azure’s Rooftop Solar India Project, Boosts Clean Energy Access: IFC, a member of the World Bank Group, is providing a $3 million loan to independent energy producer Azure Power for one of its subsidiaries to construct a rooftop solar project in the Indian state of Gujarat, thereby expanding access to clean energy and creating economic opportunities for local residents. This is the country’s first rooftop solar project based on a public private partnership model in India. The Gujarat government awarded the project through competitive bidding for a period of 25 years. To implement the project, Azure Power is constructing a 2.5 megawatt rooftop solar project in the state capital Gandhinagar that will be connected to the state electricity grid. IFC’s investment in the subsidiary is expected to help avoid around 3,600 tons of carbon emissions a year.
Source: The Economic Times