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IFC, a member of the World Bank Group, is providing a $3-million loan to independent energy producer Azure Power.
The loan is for one of Azure Powers subsidiaries to construct a rooftop solar project in Gujarat. This would expand access to clean energy and create economic opportunities for local residents. This is the countrys first rooftop solar project based on a public-private partnership model in India.
The Gujarat Government awarded the project through competitive bidding for a period of 25 years.
To implement the project, Azure Power is constructing a 2.5-megawatt rooftop solar project in Gandhinagar, which will be connected to the State electricity grid.
IFCs investment in the subsidiary is expected to help avoid around 3,600 tonnes of carbon emissions a year. "The project is a role model for rooftop generation of solar power across States. With this, Azure Power has forayed into distributed solar power generation. We are committed to driving down cost of energy for end consumers, said Inderpreet S. Wadhwa, Chief Executive Officer.
"IFCs investment in the project demonstrates the viability of distributed solar power generation in India.
Azure Power is an existing client of IFC and has a current portfolio of about 55 MW of solar power projects in India. firstname.lastname@example.org
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