Washington D.C. / India, September 21, 2010
—IFC, a member of the World Bank Group, is working on a public-private partnership deal with the state of Gujarat in India, to design and structure a distributed rooftop solar power project in the state capital of Gandhinagar. The pilot project for a 5-megawatt solar installation is expected to reduce greenhouse gas emissions by about 6,000 tons a year and mobilize private sector investment.
The project, which includes the installation of rooftop solar panels that will generate 40 megawatts of power for nearly 100,000 households in Gandhinagar, will also contribute to Gujarat’s goal of installing 500 megawatts of solar capacity by March 2014. The project will be the first of its kind in India. Private sector responsibilities will include financing, construction, operation, and maintenance of the facilities.
IFC’s Public-Private Partnership and Sustainable Business Advisory teams will work together to provide advice to the Gujarat Energy Research and Management Institute for the design and structuring of the public-private partnership project. Following the pilot, the government will roll out the program to the entire city.
“We are happy to have the expertise and knowledge of an institution like IFC to help Gandhinagar become a model solar-powered city,” said D. Jagdish Pandian, Principal Secretary, Energy and Petrochemicals of the government of Gujarat, and Chairman and Managing Trustee of the Gujarat Energy Research and Management Institute, during the signing ceremony in Washington.
"The project aligns with IFC’s efforts to create a sustainable solution linking government and private incentives. IFC is keen to support well-structured projects in this area, and we’re happy to offer advisory and investment support to Gujarat to help promote the solar energy sector,” said Rashad Kaldany, IFC Vice President for Asia, Eastern Europe, Middle East, and North Africa.
IFC’s advisory services in public-private partnerships help governments achieve long-term economic growth and better living standards by harnessing the potential of the private sector to increase access, enhance quality, and improve the efficiency of public services.
About IFC
IFC, a member of the World Bank Group is the largest development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives—by providing financing to help businesses employ more people and provide essential services, mobilizing capital from others, and delivering advisory and risk-management services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
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About the Gujarat Energy Research and Management Institute
The Gujarat Energy Research and Management Institute, promoted by state owned Gujarat State Petroleum Corporation Limited, is a fully integrated energy company with several operations,
including exploration and production, transportation of gas, power generation, and information technology services. It is one of the fastest growing state owned companies in Indian, and it has excellent support from both the Gujarat government and the central government.
