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IFC may offer Rs 682 cr for wind farm projects

IFC, part of the World Bank group, focuses on lending to entities in the developing world

Press Trust of India  |  New Delhi 

International Finance Corp is likely to provide $130 million (about Rs 682 crore) funding to Inox Renewables for developing wind farms in and

IFC, part of the World Bank group, focuses on lending to entities in the developing world.

"The total project cost is estimated at $480 million for up to 400 MW of wind farms proposed to be implemented by March 2013.

"The proposed investment is an A loan for IFC's own account of up to $90 million and of up to $40 million," according to the multilateral lender.

These wind farms, coming up in and Rajasthan, will be developed by Inox Renewables Ltd, a subsidiary of Fluorochemicals Ltd.

As per IFC's Summary of Investment Information, the funding proposal would be put up for the consideration of its board on May 24.

"The first of those sites is likely to be the 300 MW wind farm at Dangri in Dangri wind farm site is approximately 65 kilometres south east of Jaisalmer in the Thar Desert, Rajasthan," it noted.

The participation of is likely to help Inox to complete financing of the project.

said the project would increase generation of renewable power generation and also help "a mid-tier renewable energy company at an early stage to develop its business".

Inox Renewables houses the wind power generation business of Inox group and plans to build up to 3,000 MW of wind projects by 2017, mostly in and

Presently, the company operates wind farms in Tamil Nadu, and Maharashtra. A 100 MW wind farm at Dangri, is under construction.

First Published: Thu, April 26 2012. 15:19 IST