IFC, a member of World Bank, is financing Azure Power’s rooftop solar India project in Gujarat with a loan of $ 3 million. A 2.5 megawatt rooftop solar project in Gandhinagar is going to be constructed by Azure Power and it will be connected to the state electricity grid.
This project was awarded by the Gujarat state government through the competitive bidding process for a period of 25 years. It is one of the two pilot projects which is being implemented in Gandhinagar.
Key benefits of this project:
- The installations under this project will feed the electricity generated into the grid for which the state DISCOMs will pay a fixed tariff as per the signed 25-year power purchase agreement.
- This project will promote generation of green energy based on public-private participation.
- This project at the same time will help local residents to earn additional income by offering rooftops for installing solar panels.
- Also, IFC’s financing will help in avoiding around 3,600 tons of carbon emissions a year.