IFC may invest $130M in Gujarat, Rajasthan wind farms

INOX Renewables Limited plans to establish a wind power capacity of 3,000 MW by 2017 with help from the IFC.

And to drive its ambitions, it is roping the International Finance Corporation, the private sector funding arm of the World Bank, for financing a part of the plan.

According to a disclosure made by International Finance Corporation, its Board of Directors is slated to consider  a proposal to make an equity investment of $40 million and lend $90 million to IRL’s $480-million wind farm projects aggregating 400 MW capacity.

The projects are set to be implemented by March 2013.

INOX Renewables' existing operational assets include a 4 MW wind farm in Tamil Nadu, two wind farms in Rajasthan, including Sadiya with 12 MW and Ossiya with 30 MW, a 23.1 MW site in Gude Panchgani, Maharashtra; and a 50 MW site at Mahidad in Gujarat.

A 100 MW wind farm at Dangri, Rajasthan is currently under construction.