IFC to extend $50 million for wind project in Madhya Pradesh

IFC, part of World Bank Group, will provide a funding of USD 50 million (over Rs 304 crore) to Continuum Wind Energy for developing a wind energy project in Madhya Pradesh.
Besides, the international lender has helped in mobilising USD 100 million loan from Yes Bank for the project.
"The financing will be used to construct a 170 MW wind power plant in Madhya Pradesh," IFC said in a statement today.
The project would be developed by D J Energy Pvt Ltd and Uttar Urja Projects Energy Pvt Ltd.
According to the statement, the plant would annually generate 330 gigawatt hours of clean power to reach 3,00,000 people besides helping to avoid "nearly 270,000 tons of carbon dioxide emissions per year".

"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," Serge Devieux, Regional Director for South Asia, IFC said.

Continuum Wind, with the support of Morgan Stanley Infrastructure Partners, has an operating capacity of about 150 MW.
In India, IFC has a committed portfolio of about USD 340 million in renewable energy projects.
Further, IFC noted that about 300 million people -- around one-fourth of India's population -- lack access to electricity.
"The country suffers from power shortages with peak hour gaps varying between 9 to 13 per cent," it added.