New Delhi, India, October 14, 2016—IFC, a member of the World Bank Group, has been a long-term investor in Azure Power, an independent solar-power company that set up India’s first megawatt-scale solar plant in 2009. Azure is now the first ever Indian renewable energy company to list its equity shares on the New York Stock Exchange.
IFC made its first investment in Azure Power in 2010. Its $10 million quasi-equity investment helped the company scale up significantly and mobilized funds of over $200 million. Since then, IFC has made successive rounds of both equity and debt investments to help the company set up solar power plants in a number of frontier states in India.
Almost a third of India’s population lacks access to reliable electricity. The country’s growing energy sector will require almost $250 billion in investments over the next five years, most of which will have to come from the private sector. Currently, 80 percent of India’s energy needs are met through thermal power. India’s National Solar Mission, launched in 2010 to provide clean and affordable energy, requires installation of 100-GW capacity by 2022.
“IFC has been an investor in Azure Power since 2010, supporting untried and untested renewable energy generation capability in India. Our continued and sustained investments through Azure's pioneering journey to becoming a global renewable energy company that is listing today at NYSE is a landmark milestone,” said Jun Zhang, Country Head for IFC India. “We are privileged to be a part of this six year journey. We will continue to support private sector investments in emerging markets that can provide access to clean and affordable energy to millions of people,” Zhang added
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IFC is a pioneer investor in renewable energy in India, supporting the sector since 2009. Our portfolio companies today have set up over 3 GW of different forms of renewable-power projects in the country. It is helping Madhya Pradesh set up a 750-MW solar-power project, the largest single-site solar plant in the world.
India is IFC's top country exposure, globally. IFC's committed portfolio in India is over $5 billion as of June 30, 2016. In FY16, IFC committed $1.1 billion in new investments. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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