Chennai, May 10 (IANS) International Finance Corporation (IFC), a part of World Bank, will be investing Rs.75 crore ($14.5 million) towards 15 percent stake in two holding companies of solar power plant operator SunEdison, said a senior official of the firm.
“The investment could go up to Rs.290 crore ($55 million) over a period of two years if certain conditions are met. The IFC will be picking up 15 percent stake each in SunEdison energy Holding (Singapore) Private Ltd and Sun Edison Energy Holdings B.V. Netherlands,” Pasupathy Gopalan, managing director, SunEdison (South Asia and Sub-Saharan Africa Operations) told reporters here Thursday.
However, he declined to comment on the performance milestones upon which the future funding from IFC can be expected.
The IFC investment in two holding companies of SunEdison is towards support the growth, development and construction of SunEdison’s photovoltaic power projects in south Asia, south east Asia and sub-Saharan Africa.
IFC’s Regional Industry Director (Asia – Infrastructure and Natural Resources) Anita Marangoly George said: “We stay invested in a company for around 7-10 years and the exit route is in initial public offering (IPO).”
According to her, IFC has given around $300 million line of credit to some Indian lenders to fund renewable energy projects and around $25 million of this is towards solar power.
In the renewable energy space, IFC has funded hydel, wind, bio-mass and other projects.
“Our advisory wing will be advising Gujarat government to have roof-top solar power units in four more cities on the lines of Gandhinagar project,” George said.
According to SunEdison’s Gopalan, the company has 24.5 MW solar power projects in the pipeline in India and has set up power plant for a total capacity of 54 MW.
He said roof top solar plants are attractive options to abate the use of diesel gensets by industries and others.