Continuum Wind Energy is constructing a 170 MW wind power plant in Madhya Pradesh, India, with an IFC financial loan.
World Bank Group member International Finance Corporation (IFC) will lend $50 million for the project and also will help to mobilize a loan of $100 million for the project from YES Bank.
The subsidiaries D. J. Energy and Uttar Urja Projects Energy will develop the project.
The project will produce 330 GWh of electricity to reach 300,000 people every year. The project will nullify 270,000 tons of carbon dioxide emissions per year.
IFC’s long-tenor financing, global renewable-energy expertise and validation of the project will go a long way in contributing to the growth of Continuum, said Arvind Bansal, CEO, founder, Continuum Wind.
National Action Plan on Climate Change initiated by India government has set a target of generating 15 per cent of power from renewable energy sources by 2020.
In India, IFC has a devoted portfolio of $340 million in renewable energy projects.
The World Bank’s impact investment and lending body would lend to two wholly-owned subsidiaries of the company to reduce greenhouse gas emissions, IFC said in a statement.
By supporting this wind project, IFC will help expand access to clean power for many. IFC’s investment in renewable energy in India will balance the country’s energy mix, and improve its energy security, stated, Serge Devieux, regional director, South Asia, IFC.
Started in 2009, Continuum Wind, with the support of Morgan Stanley Infrastructure has achieved total operating capacity of about 150 MW, with 260 MW under construction and about 580 MW in development.