The World Bank's private sector finance arm, the International Finance Corp, has plans to loan as much as US$50 million to an Indian solar power developer in order to finance the building and operation of key power projects.
The company is Acme Solar Energy Pvt and it would be utilizing the proceeds of the loan for the building and operation of a 25 megawatt grid connected solar powered plant in Madhya Pradesh. The project was confirmed through a statement in the International Finance Corp's website. The funding program may be extended to other related Acme projects to be built in Odisha, Andhra Pradesh and other future locations.
India is currently undertaking a monumental plan to increase solar electrification capacity to eight times its current capacity by 2017. It is also opening up bidding for the building of a 750 megawatt capacity renewable energy power generator. This is in line with the government's efforts to increase renewable energy output and stave off chronic blackouts that have stifled continued economic growth in the country.
Join the Conversation