IFC provides $3 million loan Azure's rooftop solar project in Gujarat
IFC, a member of World Bank, is providing $ 3 million loan to independent energy producer Azure Power's rooftop solar India project in Gujarat. IFC's investment in the subsidiary is expected to help avoid around 3,600 tons of carbon emissions a year, Azure Power said in a statement . The company is constructing a 2.5 megawatt rooftop solar project in Gandhinagar that will be connected to the state electricity grid. ';With this, Azure Power has forayed into distributed solar power generation. We are committed to driving down cost of energy for end consumers,'; Azure Power's Chief Executive Officer Inderpreet S Wadhwa said. Azure Power is an existing client of IFC and has a current portfolio of about 55 megawatt of solar power projects in India. ';The project will assist the state in introducing public-private participation to generate green energy at the household level. The project supports reduction in greenhouse gas emissions,'; IFC Infrastructure Director for Asia Anita George said.