World Bank arm the International Finance Corporation (IFC) Thursday announced it will lend $50 million to two wholly-owned subsidiaries of Continuum Wind Energy India, to expand access to clean energy and help reduce greenhouse gas emissions.
"IFC also helped mobilize a loan of $100 million for the project from YES Bank," IFC said in a release here.
The financing will be used to construct a 170 megawatt wind power plant in Madhya Pradesh. Two subsidiaries of Continuum Wind - DJ Energy and Uttar Urja Projects Energy - will develop the project.
The project will annually generate 330 gigawatt hours of clean power to reach 300,000 people, IFC said.
Continuum Wind, with the support of Morgan Stanley Infrastructure Partners, a global infrastructure investment fund, has achieved an aggregate operating capacity of about 150 MW, with 260 MW under construction and about 580 MW in development.
"IFC's long-tenor financing, global renewable-energy expertise and validation of our project will go a long way in contributing to the growth of Continuum," said Arvind Bansal, chief executive and founder, Continuum Wind Energy.
IFC has a committed portfolio of about $340 million in renewable energy projects in India.