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IFC to invest in SEGL

The International Finance Corporation (IFC), the private investment arm of the World Bank, could invest up to $30 million (€21.5 million) in Andhra Pradesh, India-based renewable energy company Shalivahana Green Energy (SGEL).

$15 million of the funds will go towards financing SGEL's renewable power projects, while the other $15 million will be provided to the fully owned subsidiary of SGEL – Rake Power – in project debt financing.

To date SGEL's five operational biomass power plants generate 47MW between them. The company will soon add an additional 200MW to its production capacity once its other projects, currently at various stages of implementation, have been completed.

Three of SGEL's biomass plants are expected for Q2 2011, generating approximately 45MW in total.

Rake Power, already with 10MW of installed capacity, has two 23MW plants planned for Jharkhand and Orissa, which will cost $25 million each. IFC's $15 million loan for Rake Power will be up to 12 years.