IFC, a member of the World Bank Group, is providing an €11 million loan to Gamesa Wind Turbines Pvt. Ltd to help build a wind-turbine assembly facility. The 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 new facility will produce cost-effective turbines suited to India’s grid and wind conditions.
"The investment will help address India’s energy deficit and sustain its forecasted trajectory of economic growth," said Sergio Pimenta.
With 11 gigawatts of installed wind capacity, India is the fifth-largest wind market in world. Since 2005, the country has seen a steady increase in installations.
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