Kolkata, India, September 7, 2011—
IFC, a member of the World Bank Group, is supporting India’s Orissa state in upgrading its street-lighting network under a public-private partnership that will help improve energy efficiency and provide access to areas without streetlight, ensuring a better life for the citizens of Bhubaneswar, capital city of Orissa.
As lead transaction advisor, IFC is extending its global expertise in structuring and implementing public-private-partnership transactions to assist the Orissa government on this project. IFC will engage with Bhubaneswar Municipal Corporation and offer advice on providing energy-efficient street-lighting services.
The project involves assessing the scope for energy savings in street lighting in Bhubaneswar and subsequent selection of an energy-savings company through a transparent and competitive process to invest in, develop, operate, and maintain new energy-efficient street lights.
“IFC’s global expertise in structuring public-private partnerships and its wide network among investors will help us identify an investor to replace inefficient street lamps with energy-efficient ones and also improve monitoring and verification systems,” said Shri Sarada Prasad Nayak, Minister for Housing and Urban Development, Orissa.
The project will help Bhubaneswar Municipal Corporation reduce energy expenditure and wastage by developing a system with a timer fixed on each pole to automatically switch - off streetlights at sunrise.
“IFC supports Orissa’s commitment to adopt innovative approaches to leverage the private sector in developing infrastructure and delivering efficient and high-quality public services for low and middle -income populations,” said Thomas Davenport, IFC Director for South Asia. “The project is aligned with IFC’s strategy of promoting infrastructure development in low income and high-priority states of India.”
The plan for a public-private partnership to implement an energy-efficient street-lighting system will help Bhubaneswar deal with the impacts of climate change in a more efficient manner.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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