core sector communique

IFC Invests in India’s Gamesa to Support Cost-effective Wind Turbine Assembly

Chennai, India, April 20, 2011—IFC, a member of the World Bank Group, is providing an €11 million loan to India’s Gamesa Wind Turbines Pvt. Ltd to help build a wind-turbine assembly facility that will help diversify India’s energy mix and reduce its greenhouse-gas footprint while addressing energy needs.

IFC’s loan will support Gamesa’s plans to scale up its assembly capacity in India over the next two years. 

“Our project with Gamesa represents IFC’s first investment in a wind-turbine manufacturer in India, and we are committed to supporting energy generation from renewable sources to reduce greenhouse-gas emissions,” said Sergio Pimenta, IFC Director for Manufacturing in Asia.  “The investment will help address India’s energy deficit and sustain its forecasted trajectory of economic growth.”

With 11 gigawatts of installed wind capacity, India is the fifth-largest wind market in world.  Since 2005, the country has seen a steady increase in installations.  The new facility will produce cost-effective turbines suited to India’s grid and wind conditions.

Gamesa, a subsidiary of Spain-based Gamesa Corporación Tecnológica S.A., is a global leader in wind-energy technology.  The company has more than 15 years of experience and 21,000 megawatts installed in 30 countries, with production facilities in China, India, Europe, and the United States.  It designs, manufactures, and installs wind turbines, as well as manages operation and maintenance services for close to 14,000 megawatts.  Gamesa also develops, constructs, and sells wind farms.

   

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010.