IFC Supports India’s First Large-Scale Thin-Film Solar Plant to Promote Clean Energy
New Delhi, India, June 9, 2011—IFC, a member of the World Bank Group, is investing $4 million in India’s Sapphire Industrial Infrastructures Private Limited to implement the country’s first large-scale grid-connected thin-film solar plant, which will help bolster clean energy locally and provide additional electricity to about 11,000 people.
IFC’s investment in Sapphire Industrial Infrastructures, subsidiary of Moser Baer Clean Energy Limited, will support construction of the 5-megawatt solar plant at Sivaganga in Tamil Nadu, a southern state in India. The plant, with a capacity of 8 million units of power a year, is expected to avoid approximately 6,600 metric tons of greenhouse-gas emissions annually.
“As demonstrated through its support, IFC recognizes the potential of large-scale solar-power generation to help meet India’s enormous energy needs,” said Rajya Ghei, Country Head Solar Farms, Moser Baer Clean Energy Limited. “The learning from this project will help us replicate similar projects in other Indian states.”
Until recently, grid-connected solar electricity received limited interest from private sector due to higher initial investment and generation costs than conventional energy sources.
"India is keen to diversify its energy mix by pursuing climate friendly renewable technologies. The successful commissioning of this first large-scale thin film solar photovoltaic plant demonstrates private sector's ability to rise to the challenges associated with achieving a balanced energy mix,” said Anita George, IFC Director for Infrastructure in Asia. “It also confirms the availability of the right technical expertise and the requisite financial capacity in the market for successfully delivering projects in this sector in India."
IFC acted as an implementing agency of the Global Environment Facility to support thin-film technology in India. The Global Environment Facility is a network of international institutions, nongovernmental organizations, and private sector that provide funding to address global environmental issues. The Global Environment Facility has provided $30 million in concessional funds to IFC, as a part of the Photovoltaic Market Transformation Initiative, to encourage market development for photovoltaics.
About Moser Baer Clean Energy Limited
Moser Baer Clean Energy Limited was established in 2008 with a strategy to undertake development of renewable power projects worldwide. Moser Baer Clean Energy is a project developer, owner and operator of solar power projects globally.
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
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