International Finance Corporation (IFC), the private sector investment arm of the World Bank, will lend $14.3 million to Azure Power India’s subsidiary for building a 40-MW solar power plant in Rajasthan.
IFC is planning to provide ‘A’ loan of up to $14.3 million equivalent for the project, the firm said on its website.
The greenfield project is coming up near Hardhani and Nandia Kalan villages in Jodhpur district of Rajasthan. The project is set up through Azure Power’s subsidiary Azure Clean Energy Private Ltd.
“The company has been set up for the sole purpose of construction, operation, and maintenance of the 40-MW project, and will not have any other operations,” IFC said.
The project is expected to be commissioned by April 28, 2015, and the buyer will be Solar Energy Corporation of India (SECI), a Government of India entity. Azure Power India is an independent power producer which builds, owns and operates solar power plants in India.
