The International Finance Corporation (IFC), a member of the World Bank group, would provide $11 million (around Rs 70.4 crore) loan to Gamesa Wind Turbines Pvt Ltd, a subsidiary of Spain-based wind turbine manufacturer Gamesa Corporación Tecnológica SA.
The investment would help the company's investment plan of around $ 100 million (around Rs 630 crore) in India.
IFC said its loan would support Gamesa’s plans to scale up its assembly capacity in India over the next two years.
“Our project with Gamesa represents IFC’s first investment in a wind-turbine manufacturer in India, and we are committed to supporting energy generation from renewable sources to reduce greenhouse-gas emissions,” said Sergio Pimenta, IFC director for manufacturing in Asia. “The investment will help address India’s energy deficit and sustain its forecasted trajectory of economic growth.”
Gamesa chairman and CEO Jorge Calvet earlier told Business Standard that the company planned to invest $100 million to set up new facilities in Gujarat and Tamil Nadu.
With 11 GW of installed wind capacity, India is the fifth-largest wind market in world. Since 2005, the country has seen a steady increase in installations. The new facility will produce cost-effective turbines suited to India’s grid and wind conditions.
