International Finance Corporation (IFC), the private lending arm of the World Bank, and Gujarat Energy Research and Management Institute (GERMI) have teamed up to identify and develop renewable-energy projects in South Asia.
IFC is working with Gujarat Energy Research and Management Institute to design and structure a distributed-rooftop solar-power project in Gandhinagar. The project, a 5MW solar installation, is expected to reduce greenhouse-gas emissions by about 6,000 tonne a year and mobilize about USD 20 million in private sector investment.
“GERMI’s research and training capabilities can now be combined with IFC’s financial expertise and ability to implement clean-energy projects on a much wider scale,” said D. Jagatheesa Pandian, Chairman of GERMI.
This initiative will, for example, help explore opportunities and evolve solutions, including replicating solar-rooftop projects in cities like Bhuj and Rajkot, exploiting Gujarat’s geothermal potential, sharing knowledge on ways to encourage private investment in solar projects and explore public-private partnership opportunities to harness solar energy in other states as well.
Vipul Bhagat, Manager of IFC Advisory Services for Public-Private Partnerships in South Asia, said, “IFC is committed to promoting alternate energy-generation projects from renewable sources within South Asia. Innovative and replicable business models developed in partnership with private developers will help bring scale to renewable-energy projects.”
IFC has been a prolific investor in India’s clean energy space. Over the last two years, IFC has backed biomass related plays with investments in Auro Mira Energy and Husk Power Systems. It also invested in Shalivahana Green Energy Limited (SGEL), Solar Technologies, Azure Power and Bhilwara Energy.
