Azure solar plant in Rajasthan gets $14.3 m IFC loan

The International Finance Corporation (IFC), the private sector investment arm of the World Bank, will finance US$14.3 million for a 40-MW solar power plant project in Rajasthan, India.

The project will be developed by Azure Clean Energy Private Ltd. an Azure Power India’s subsidiary. The solar farm will be located near Hardhani and Nandia Kalan villages in Jodhpur district of Rajasthan.

IFC reported:

The company has been set up for the sole purpose of construction, operation, and maintenance of the 40-MW project, and will not have any other operations.

Azure Clean Energy Private Ltd. plans to sign the Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) agreements for the project with Azure.

The project is scheduled to be commissioned by late April 2015. The energy will be sell to Solar Energy Corporation of India (SECI), a Government of India entity.

The project will be developed in an area of 140 hectares spread over two land parcels separated by a public road. The area includes land for an access road, internal lines, an office/administrative building and a maintenance area.

Azure is an independent power producer (IPP) which builds, owns and operates solar power plants in India.