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Showing posts with label IFC. Show all posts
Showing posts with label IFC. Show all posts

December 20, 2013

GMR, IFC to develop 600 MW hydro-power project in Nepal...

 

GMR, IFC to develop 600 MW hydro-power project in Nepal...

GMR Energy Limited, the energy arm of Indian infrastructure major GMR Group, has signed a Joint Development Agreement (JDA) with the International Finance Corporation (IFC), a member of the World Bank Group, to jointly develop the 600 MW Upper Marsyangdi-II hydro-power project in Nepal.

The 600 MW Upper Marsyangdi-II project is located on the Marsyangdi river in the Manang and Lamjung districts of Nepal, some 200 km west from capital Kathmandu, and is already in an advanced stage of development.

The project is being currently undertaken through a Nepalese subsidiary of GMR Energy Limited, Himtal Hydropower Company Pvt. Ltd. The electricity produced by the project will be exported to India.

"The Nepalese government has identified the proposed Upper Marsyangdi-II as one of the National Priority Projects and is being facilitated by the Investment Board of Nepal. The project has completed all survey and investigation work, finalised the feasibility studies and has already received majority of the clearances from the government of Nepal," GMR said a press statement.

A project development agreement (PDA) is expected to be signed early next year. IFC will provide 10 percent of the capital and 15 percent of the total cost in loan for development of the project, according to the agreement.

The project will be implemented in the build-own-operate-transfer (BOOT) model. It aims at a total investment of around $1 billion and is targeted for commissioning by the financial year 2021.

Himtal has already completed the Detailed Project Report (DPR) and the Environmental Impact Assessment (EIA) and submitted these to the energy ministry.

GMR is also constructing the 900 MW Upper Karnali hydro-power project which is also awaiting the PDA with the Investment Board of Nepal (IBN).

G.B.S Raju, chairman of energy business, and G. Subba Rao, chief executive of hydro business of GMR Group were present during the JDA signing ceremony.

"We are pleased to have IFC as our partners in the Upper Marsyangdi-II hydro-power project," Raju said.

"Apart from investing in the company, IFC will also bring its vast experience in financing similar large and complex infrastructure projects, which will add value to the project. We believe that with the continuous support of IBN, both GMR and IFC shall be able to implement this project in an accelerated manner," he added.

Anita George, IFC infrastructure director for Asia, said: "Nepali citizens and industry face severe electricity shortages. The development of hydro-power is a sustainable and responsible way to address this need while creating jobs and other benefits for the community."

According to Radhesh Pant, chief executive officer of IBN, the Nepal government was "hopeful that GMR and IFC teams shall be able to give Nepal the much needed impetus for large scale hydro-power development through development of this project in a world class manner".

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December 17, 2013

IFC Offers Odisha Government to support the formulation of State specific Renewable Energy Policy...

 

IFC Offers Odisha Government to support the formulation of State specific Renewable Energy Policy...

The International Finance Corporation (IFC) has offered to support the State Government in formulation of  State-specific renewable energy policy with focus on solar and small hydro power. The IFC, a member of the World Bank Group, has also extended support in formulating regulation for an accounting framework for small grid-connected renewable energy.

The international funding agency will facilitate private sector transaction leading to investments in renewable energy to achieve energy efficiency, programme manager of IFC Investment Climate Advisory Service Dhruba Purkayastha said in a letter to the Energy department.

The IFC officer has requested the State Government to make necessary amendments in the mutual agreement for incorporating these scope of works.

The State Government has launched Odisha inclusive growth partnership programme under cooperation agreement with the IFC.

Through a three-year partnership, the IFC is working with the Government to streamline regulation for investment, identify areas for improvement and tap  opportunities in the private sector.

The State Government has recently approved a proposal for installation of solar panels on rooftops of all government establishments in Bhubaneswar and Cuttack  under public-private partnership (PPP) mode. It has also directed the implementing agency to sign agreements with the IFC for the purpose.

Intimating the Government approval to  Odisha Hydro Power Corporation Ltd (OHPC), the Energy department has asked the State PSU to take necessary steps for signing  the agreement between Green Energy Development Corporation (GEDCOL), a wholly-owned subsidiary of OHPC and IFC for project financing. The solar project is aimed at reducing ever-increasing power bills in Government offices.

The other areas identified under the cooperation agreement include agri-business which aims to facilitate investments in food processing and warehousing, storage and cold chain facilities.

In agri-business, the IFC will enhance its focus on increasing rural incomes, building a commercial agriculture base for food security, creating sustainable farming opportunities and diversifying exports, official sources said.

The State Government has also sought assistance of the overseas funding agency to identify areas of tourism potential to develop them as tourism destination.

While in working areas of financial inclusion, the IFC will assist the State in streamlining the tax structure.

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November 28, 2013

Tata Power's Mundra UMPP draws action plan over CAO charges...

 

Tata Power's Mundra UMPP draws action plan over CAO charges...

Coastal Gujarat Power Limited (CGPL), a fully owned company of Tata Power, having 4,000 MW (5x 800MW) Ultra Mega Power Plant (UMPP) in Mundra, Kutch, has come out with an elaborated action plan in response to concerns raised over impact on environment and livelihood of local fishing community there by the Ombudsman for International Finance Corporation (IFC).
 
This was revealed in a recent statement from IFC's executive vice president and CEO, Jin-Yong Cai, in response to Compliance Advisor Ombudsman (CAO) for the IFC's audit report on Tata Power's Mundra UMPP. The statement also included action plan chalked out by CGPL in relation to audit observations by the CAO.
 
Last month CAO for the IFC and the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, had held that there were serious lapses by IFC in supervision of Tata Power's UMPP in Mundra, Kutch, impacting environment and livelihood of local fishing community there. It further held that  IFC's review of project's environment and social assessments was not commensurate with project risk as required by its Sustainability Policy. However, IFC has refuted the charges levied by CAO and justified its actions and funding to the 4,000 MW (5x 800MW) power plant of CGPL.
 
"IFC’s management has taken on board many of the suggestions made in the report. Coastal Gujarat Power Limited (CGPL), the project's sponsor, is committed to IFC’s Performance Standards and, as evidenced in the attached action plan, is taking steps to respond to and address the concerns of affected communities, including the migrant fishing communities," read Cai's statement posted on CAO's website.
 
"IFC will work closely with CGPL, drawing upon experts, to review the studies referenced in the action plan and develop mitigation, compensation and/or offset options to be implemented. IFC will closely monitor CGPL's progress and adherence to the IFC Performance Standards, as it does with all clients, and refine our approach as necessary," the statement added.
 
The action plan chalked out by CGPL includes socio-economic survey of 21 villages, model confirmation studies by National Institute of Oceanography (NIO), Goa, turtle monitoring by Bombay Natural History Society (BNHS),  biodiversity assessment study, inspection program to assess the coal and ash dust deposition in neighboring communities, undertaking health status and needs survey in the neighboring communities, undertaking testing for pollution levels, validate selected ambient air quality monitoring parameters that have changed significantly from the baseline and undertaking the environment and social impact assessment for the expansion project.
 
According to the Cai's statement, the CGPL has begun collecting fish catch data local from authorities for various studies and has been carrying out ambient air quality monitoring at seven locations in villages around the plant and will also establish an air quality monitoring station in the fish drying areas used by the seasonally resident fishing communities.
 
In August last year CAO had initiated audit of IFC's investment in the CGPL UMPP based on complaint by Machimar Adhikar Sangharsh Sangathan (MASS – Association for the Struggle for Fishworkers‘ Rights), an association of local fishing community raising concerns over the adverse social and environmental impact on them.
 
After audit the CAO found that evidence validate  complaint by MASS which had raised a number of concerns about the UMPP's environmental and social impact on the local community of migratory fisher folk. It further found that "weaknesses in IFC’s environment and social (E&S) review of CGPL did not support the formation of a robust view as to whether the project could be expected to meet the requirements of the Performance Standards over a reasonable period of time, the threshold question in terms of IFC’s decision to invest."
 
Reacting to the IFC CEO's recent statement MASS general secretary Bharat Patel said in a statement, "We reject this statement and action plan. The 1.5 page statement and action plan on Tata Mundra issued by IFC CEO Jin-Yong Cai is a non-serious, non-committal one, and issued under duress from the growing criticism of IFC’s / World Bank President Kim’s inaction on CAO’s findings of serious social and environmental violations. It’s empty and a non-starter. By issuing this, IFC is trying to confuse the public, making a mockery of communities’ concerns and yet again, undermine CAO and its findings."
 
IFC has invested $450 million of its own capital in this project, which it has classified as a category A project, signifying that it believes there are potentially significant adverse social and environmental impacts that may be diverse or irreversible. The IFC was also considering investing up to $50 million in equity as part of its exposure to the project and syndicating up to about $300 million in loans.

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November 6, 2013

Renewable energy projects are eco friendly..., are they really?

 

solar and wind projects are also red flagged

Solar and wind energy are considered environment-friendly, with zero carbon emissions. These sources of energy are going to be the main elements of India’s proposed march towards a low-carbon-economy. But doubts have begun to be expressed over long-term ecological and social fallout of rolling out wind and solar energy on a large scale.

Going by the warning issued in a recent government-sponsored study of select green power projects in the country, large solar and wind power projects may lead to a conflict situation in years to come if corrective steps are not taken to minimise their ecological and social impact.

While wind and solar generation does not result in direct greenhouse gas emissions unlike coal-fired power stations it has other serious implications.

USE OF LAND, WATER

Land and water are key issues in conventional power projects. Now the same issues may plague renewable energy projects as well.

These projects require large tracts of land which is a scarce resource. “There is a possibility that resource demand by solar and wind projects may rake up several socio-economic conflicts in near future. Such projects will have to compete with other sectors for land. This will either impede the growth of renewable energy development or create direct conflict between projects and communities residing in vicinity of such projects,” the report from the Ministry of New and Renewable Energy (MNRE) has said.

Another cause of possible conflict would be water requirements of green power projects, particularly solar energy farms.

Solar panels need to be cleaned with water every day, since dust gathered on them could reduce their efficiency. Typically, a large solar photovoltaic plant could have several hundred panels.

Water requirement of large solar projects for maintenance purposes may be a cause of concern for the communities residing close to such projects and sharing same resource, according to the report.

This is a serious issue because solar farms are usually set up in arid and semi-arid areas, which are already water-stressed as they lie in low rainfall regions.

The sites visited during the course of the study included wind farms in Tirunelveli and Kanyakumari in Tamil Nadu, Satara and Pune districts in Maharashtra as well as a solar farm in Anantapur district of Andhra Pradesh.

India is currently the fifth largest wind power producer in the world. The potential for solar energy production is also very high as about 58 per cent of the total land area receives sufficient solar radiation for sustainable harnessing of solar power.

The total installed capacity of grid-connected renewable energy in the country is over 28,000 MW while off-grid power capacity is about 880 MW. About 70 per cent of total renewable energy comes from wind and about 4.5 per cent from solar photovoltaic.

Besides land and water issues, renewable energy production also damages the environment. An earlier assessment by the Centre for Science and Environment had pointed out that erection of turbines on hilltops and in forest areas is harmful to local ecology.

This requires building access roads which involves tree felling and blasting of rocks. Soil erosion results in silting of streams and water bodies. Construction of roads also results in linear fragmentation of habitat and scares away animals. In addition, wind farms could cause health impact due to shadow flicker and noise pollution.

Care needs to be taken to ensure the wind mills are not located in the path of migratory birds.

The Madhav Gadgil committee report on Western Ghats had pointed out that wind mills being set up in large numbers in this ecologically fragile area is leading to substantial negative impact on ecology and water resources.

ECO IMPACT ASSESSMENT

At present, it is not mandatory to conduct an Environment Impact Assessment (EIA) for wind or solar power projects under the Environment Protection Act.

Approval from the Ministry of Environment and Forests is required only if location of a wind power project is in a forest area or wildlife sanctuary.

An assessment by the Centre for Science and Environment (CSE) had found that about 45 per cent of total wind power generated in India comes from turbines located in forest areas. Small hydro projects below 25 MW capacity also do not need an EIA though it has been observed in Uttarakhand and Western Ghats that such projects are not benign to the environment.

Yet they are entitled to all fiscal benefits given to renewable projects. The Government should address these concerns as well.

Seeking to strike a balance between the need to encourage growth of green energy and environmental concerns, the report has suggested that new projects may be set up in areas which are “conflict free and readily available”.

At the same time, the use of natural resources such as land and water by these projects should be regulated. Instead of free flowing water, sprinklers may be used to clean solar panels.

Water harvesting and reuse of water may also be encouraged to promote water conservation. For the benefit of project developers, the Government can identify ‘go green’ (where projects can be set up without any objection), ‘go slow’ and ‘no-go’ regions in the country, it has been suggested.

Some States have already started experimenting with innovative ways to reduce land requirement for large renewable energy projects.

One way could be installing solar panels over large building or over irrigation canals as is being done in Gujarat. In wind farms, about 80 per cent of the land remains under-utilised or unutilised by projects.

The neighbouring community may be allowed access to such land for productive use. Ownership of windmills by villagers or their cooperatives — as is being tried in Germany — could also ensure greater community participation.

A framework for environmental oversight for green power is certainly required, but it should be done in a way that does not stifle growth of renewable energy.

India needs to move ahead in all forms of renewable energy, but in a responsible manner way that causes minimum or no damage to the environment.

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November 5, 2013

NGOs want World Bank out of Tata project...

 

NGO on Tata Power's Mundra Project

Over a hundred non-governmental organisations focused on environmental and social issues have demanded the World Bank withdraw assistance to a 4,000 Megawatt power project operated by Tata Power at Mundra in Gujarat.

This comes days after the Ombudsman for International Finance Corporation (IFC), the Washington-headquartered investment unit of the World Bank Group, reported serious lapses in the supervision of the Ultra Mega Power Project (UMPP). IFC is one of the lenders to the Rs 20,000 crore project. The Compliance Advisor Ombudsman (CAO) report was a response to a complaint by local fishermen on environmental and social impact of the project.

“Your endorsement of IFC’s response to CAO findings and thus letting IFC and the company continue the violations merits nothing less than condemnation,” National Alliance of People’s Movements (NAPM) said in an e-mail to World Bank President Jim Yong Kim. The e-mail, reviewed by Business Standard, was endorsed by 102 NGOs including Narmada Bachao Andolan, Mazdoor Kisan Shakti Sangathan and National Fishworkers’ Forum.

IFC has already refuted the charges levied by the Office of the CAO for the IFC and justified its actions and funding for the power plant. "CAO report reflects the observations on the internal processes of IFC and thus it will only be appropriate for IFC to respond. We are yet to read through the report and would discuss with IFC if there were any issues related to CGPL," Tata Power had said in a statement on 25 September.

The company had also added that the Association for Fish workers' Rights – the Machimar Adhikar Sangharsh Sangathan (MASS) -- has certain generic issues concerning the coastline of Gujarat, Mundra UMPP is just about 1% of Kutch coastline and that it is more than responsive in its association with the community around our project.

IFC has invested $450 million of its own capital in the Category-A project which signifies that according to IFC there are potentially significant adverse social and environmental impacts that may be diverse or irreversible. The IFC was also considering investing up to $50 million in equity as part of its exposure to the project and syndicating up to about $300 million in loans.

The complaint by MASS questioned the quality of the environmental and social impact assessment and the company‘s community consultation activities, the project‘s adherence to IFC‘s performance standards and its compliance with national legislation. The CAO found, in its audit initiated in August last year, that evidence validated the complaint.

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May 10, 2012

IFC to finance Rs. 750 Million equity to SunEdison…

SunEdison Solar

Power India found that International Finance Corporation (IFC), is planning to invest around Rs. 750 Million equity to SunEdison along with possible funding of Rs. 2.9 Billion depending upon certain future conditions. 

 

The funds are intended to support the growth,development and construction of SunEdison’s PV power projects in South Asia, South East Asia and sub-Saharan Africa.

 

The above transaction will take place in a way that, IFC will acquire a 15% stake in SunEdison Energy Holding (Singapore) and Sun Edison Energy Holdings B.V., two holding companies incorporated by SunEdison LLC, in Singapore and the Netherlands, respectively.

 

As said by Pashupathy Gopalan, SunEdison’s Managing Director, South Asia and sub-Saharan Operations:

“SunEdison recognizes the potential of the South Asian and Sub-Saharan regions for solar power generation and is one of the leading solar energy platforms across the region. Driven by economic growth and an emerging focus on energy security in these regions, countries in the region are assessing and supporting alternative energy sources.

 

Anita George, IFC Director for Infrastructure in Asia also said:

“IFC is engaging across the entire solar PV supply chain to improve its economics. We are doing this by enabling pioneering projects under new regulatory support schemes and increasing economies of scale in downstream installations.”


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May 3, 2012

Mahindra Solar & Kiran Energy to get $26 Million from IFC for 50 MW of Solar PV Projects…

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Power India found that the Mahindra Solar One Private Limited and Kiran Energy Ltd. are planning to get around $26 Million from the International Finance Corporation (Investment arm of the World Bank) for the three Solar PV Projects.

 

The list of projects:

The proposed project involves the construction of three greenfield solar power plants in Rajasthan, India

  • a 20 MW solar photovoltaic (“PV”) plant wholly-owned by Mahindra Suryaprakash Ltd. (“Mahindra Suryaprakash”, a wholly owned subsidiary of Mahindra Solar One Private Limited (“Mahindra Solar One”), an existing IFC client).
  • a 10 MW solar PV plant , also wholly-owned by Mahindra Suryaprakash.; and
  • a 20 MW solar PV plant wholly-owned by Solarfield Energy Two Private Ltd. (“Solarfield Two”, a wholly-owned subsidiary of Kiran Energy Ltd. (“Kiran Energy”)

For evacuation of the power to the grid, existing transmission line (24km, 33kV) shall be used, which was commissioned in January 2012 as part of Mahindra’s 5 MW project and is now successfully evacuating power to the grid. Proposed Projects will therefore involve construction of only internal power transmission cables / lines up to the existing line.

 

The construction of the Projects is expected to commence in June/July 2012 and the power plants are expected to be commissioned in early 2013.

 

All the above three plants are being developed on adjoining tracts of land, and will utilize similar technology.

 

They have been awarded similar tariffs and will enter into identical power purchase agreements (“PPAs”).

 

Kiran Energy is also a shareholder of Mahindra Solar One, and the two companies are developing these 3 plants in close cooperation. IFC has previously provided a loan to a greenfield 5MW solar power plant developed by Mahindra Solar One, located very close to the proposed sites for the Projects. The 5MW project has been commissioned successfully and is already generating revenues.

 

Some more Literature on this topic:

http://www.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/SII32031

http://www.bloomberg.com/news/2012-05-02/mahindra-kiran-energy-may-get-ifc-loan-for-india-solar-project.html

 

 

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May 1, 2012

IFC to support rooftop solar projects in Gujarat…

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Power India found that IFC, a member of the World Bank Group, is supporting the Indian state of Gujarat to replicate in five cities a rooftop solar project first completed in Gandhinagar, improving access to power and reducing air pollution from the burning of wood and fossil fuels.

 

The two pilot projects of 2.5 megawatt each demonstrated the viability of generating solar power through a grid-interactive system on rooftops, and will serve as a model for roll-out across the cities of Bhavnagar, Mehsana, Rajkot, Surat and Vadodara. IFC is also developing a policy framework for the replication of rooftop solar concept in Gujarat based on the experience gained in Gandhinagar.

 

This program is the first of its kind in India and aims to be a benchmark for green energy generation at the household level. The two pilot projects will produce approximately nine million units of clean energy and help to avoid 6,000 tons of greenhouse gas emissions per year. The project will also help to mobilize private sector investment of approximately $12-14 million.

 

“We want to fully exploit the potential of solar power generation,” said D. Jagatheesa Pandian, Principal Secretary in the state Energy and Petrochemicals Department. “IFC’s support will help us implement the rooftop solar power generation project in other cities of Gujarat and make the state the preferred destination for solar projects in India.”

 

The project aims to help the government introduce public-private participation in generating a green energy source. The solar installations will convert sunlight into electricity and directly feed into the electrical grid. The Public Private Partnership and Sustainable Business Advisory team of IFC structured the project and advised the Gujarat Energy Research and Management Institute and Gujarat Power Corporation Limited, the two state supported agencies for implementing solar power, on the global competitive bid process.

 

“Gujarat is pioneering the adoption and promotion of clean energy by installing rooftop solar plants in the state,” said Anita M. George, IFC Director for Infrastructure in Asia. “The project will provide economic opportunities to the local residents, whose rooftops will be used for the installation of solar panels.”

 

Successful implementation of the business model for the rooftop solar project in a leading state like Gujarat will encourage similar models to be adopted in India and elsewhere in the region.

 

 

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IFC to part fund Abengoa’s Indian arm Inabensa…

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Power India found that International Finance Corp (IFC) is part funding a steel fabrication plant being built in India by Spanish infrastructure conglomerate Abengoa S.A. Abengoa’s Indian arm Inabensa Bharat Pvt Ltd is setting up the plant which is expected to cost around Rs 100.2 crore (~$20 million).

 

IFC will lend around $14 million for the project.

 

The greenfield project is to construct a steel fabrication plant near Vadodara in the state of Gujarat, with an annual capacity of 25,000 tons. The plant will manufacture steel structures for transmission & distribution (T&D) projects and metallic support structures for the cylindrical parabolic solar collectors (CPC) and heliostats in concentrated solar power (CSP) projects that will be developed globally, including in India and neighbouring countries.

 

Commenced in 1941, Abengoa provides technology solutions for sustainability in the energy and environment sectors, generating energy from the sun, producing bio-fuels, desalinating sea water and recycling industrial waste. The group is involved in five core businesses including solar, Bio-energy, environmental, IT and Engineering & construction.

 

IFC, the private investment arm of the World Bank, is one of the more prolific institutional investors in the country through a mix of equity and debt finance transactions. In another debt deal, it may lend around $26 million in to three new solar projects being developed by Mahindra Solar One, a 26:74 joint venture between the Mahindra Group and Kiran Energy, a private equity backed firm.

 

Over the last one week it has also committed over $200 million in three debt cum equity deals. These include debt funding of up to $65 million to Warburg Pincus-backed off-highway tyre manufacturer Alliance Tire Group, $130 million ($40 million in equity and $90 million in debt) in INOX Renewables Ltd,  a subsidiary of Gujarat Fluorochemicals Ltd that runs its wind power generation business, besides $9 million (debt + equity) in Bangalore-based RenewGen Enviro Ventures India Pvt Ltd.

 

 

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IFC to invest $ 9 Million in Bangalore based RenewGen Enviro….

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Power India found that the International Finance Corporation (IFC) is planning to invest around $ 9 Million in the RenewGen Enviro Ventures India Pvt. Ltd (Banglore based company) which is currently developing a waste to energy (WTE) project in Sri Lanka.

 

The deal would include a mix of debt and equity both at the project level and the holding company level.

 

After the financial closure of the Sri Lanka project, RenewGen Enviro will initiate discussions with other investors for a larger investment round at the holding company level.

 

RenewGen Enviro Ventures India has been promoted by Vishnu Vasanth and B Senthil Kumar. The company also includes TTK Group chairman T.T. Jagannathan as a primary investor. Both promoters Vasanth and Kumar are Indian School of Business (ISB) passouts who set up the company in 2008.

 

RenewGen is executing 10MW waste to energy project in the western province of Sri Lanka. The project is expected to cost $29 million, and is one of the largest FDI in Sri Lanka in the sector. RenewGenEnviro Ventures India will own over 51 per cent stake in the project while a local government body will own 5 per cent. Remaining stake will be held IFC and other investors.

 

The project will process up to 580MT/day of municipal solid waste (MSW) and will generate up to 10MW of electricity which will be sold to the grid. The concession will be undertaken by Renewgen Environment Protection Kotte Pvt Ltd, a company incorporated in Sri Lanka. The Ceylon Electricity Board will off-take the power generated from the plant.

 

RenewGen Enviro Ventures is planning to develop a portfolio of waste to energy projects in South Asia. The company is looking to build 100 MW portfolio of renewable energy assets using municipal solid waste (MSW) as the fuel. Besides Sri Lanka, the company is also bidding for projects in India and Bangladesh.

 

IFC also planning to invest USD 130 Million in the form of debt and equity into INOX for 400 MW of wind projects…

 

 

 

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April 26, 2012

IFC to invest USD 130 Million in the form of det and equity into INOX for 400 MW of wind projects…

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Power India found that International Finance Corporation (IFC) is planning to invest around USD 130 Million in to the INOX Renewable Limited which is a subsidiary of Gujarat Flurochemicals Limited.

 

The funds raised will be used to fund 400 MW of wind projects in the states of Rajasthan and Gujarat.

IFC’s proposed investment involves equity investment of $40Mn in IRL and senior debt of $90Mn.

 

Incorporated in 2010, INOX Renewable is a part of INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment.

 

INOX Renewable houses the wind power generation business of the INOX group.
The company is planning to build up to 3000 MW of wind projects by 2017 with the majority being in the states of Rajasthan and Gujarat.

 

Recently, Gujarat Fluorochemicals transferred its 65MW wind energy business to INOX Renewables.
The total project cost of 400 MW wind project is estimated at $480 Mn which is proposed to be implemented by March 2013.

 

Its existing operational assets are a 4MW wind farm in Tamil Nadu, two wind farms in Rajasthan, including Sadiya -12MW and Ossiya – 30MW, a 23.1MW site in Gude Panchgani, Maharashtra; and a 50 MW site at Mahidad in Gujarat. There is a 100MW wind farm at Dangri, Rajasthan currently under construction.

 

Recently, Chennai based wind power developer – Trishe Energy was also planning to raise funds from private equity investors for setting up of 1,000-MW of wind farms.

Other investments in this sector include IDFC India Infrastructure Fund’s $33Mn investment in Caparo Energy and FE Clean Energy’s $40Mn investment in NSL Renewable Power.

 

 

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