International Finance Corporation (IFC), a member of the World Bank Group, will provide $15.6 million loan to India’s Gamesa Wind Turbines Pvt Ltd to help build a wind-turbine assembly facility that will help diversify India’s energy mix and reduce its greenhouse gas footprint. IFC’s loan will 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 trajectory of economic growth,” he added.
Gamesa is a subsidiary of Spain-based Gamesa Corporación Tecnológica. The company has 21,000 MW of wind capacity installed in 30 countries, with production facilities in China, India, Europe, and the USA. It also designs, manufactures and installs wind turbines, as well as manages operation and maintenance services for close to 14,000 MWs. Gamesa also develops, constructs and sells wind farms.
Recently, IFC planned to invest $15 million to support an expansion project of Hyderabad-based public-listed firm Vivimed Labs Ltd, a manufacturer and exporter of specialty chemicals (for personal care and industrial segments) and pharmaceutical products.