IFC to provide $50m to Indian wind power project

World Bank group member International Finance Corporation (IFC) will provide $50m in loan to Continuum Wind Energy, in a move to boost clean energy production in India.

The financing will be invested to construct a 170MW wind power plant in the state of Madhya Pradesh.

IFC South Asia regional director Serge Devieux said: "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."

The proposed project will be developed by Continuum Wind’s subsidiaries D. J. Energy and Uttar Urja Projects Energy.

Upon completion, the wind power plant is expected to generate 330GWh of clean energy annually, by lowering close to 270,000 tons of carbon dioxide emissions.

Continuum Wind CEO & founder Arvind Bansal said: "We are delighted to receive support from IFC and YES Bank for our project. We are committed to IFC’s high standards of project development and construction."

IFC has a committed portfolio of about $340m in renewable energy projects in the nation.

The Government of India’s National Action Plan on Climate Change has aimed to generate 15% of power from renewable energy sources by 2020, in order to cater to power shortages.

Currently, Continuum Wind has an aggregate operating capacity of about 150MW, with 260MW under construction and about 580MW in development.