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IFC, a member of World Bank, is providing $3 million loan to independent energy producer Azure Power's rooftop solar India project in Gujarat.
IFC's investment in the subsidiary is expected to help avoid around 3,600 tons of carbon emissions a year, Azure Power said in a statement today.
The company is constructing a 2.5 megawatt rooftop solar project in Gandhinagar that will be connected to the state electricity grid.
"With this, Azure Power has forayed into distributed solar power generation. We are committed to driving down cost of energy for end consumers," Azure Power's Chief Executive Officer Inderpreet S Wadhwa said.
Azure Power is an existing client of IFC and has a current portfolio of about 55 megawatt of solar power projects in India.
"The project will assist the state in introducing public-private participation to generate green energy at the household level. The project supports reduction in greenhouse gas emissions," IFC Infrastructure Director for Asia Anita George said.
