The World Bank's private sector lending arm International Finance Corporation (IFC) will invest $10 million (around Rs 46 crore) in renewable power company Azure Power. The funds will be used to set up solar plants to generate electricity in villages.

This is the first solar project under the lending agency's new clean technology investment programme. “IFC will provide $10 million equity investment to an independent solar power company, Azure Power Pvt Ltd, to help implement new MW scale grid-connected solar plants to bolster clean energy output… Once fully operational, the project will expand capacity to produce over 20,000 MW hours of clean energy annually to reach hundred villages in several Indian States, and more than 10,000 tonnes of carbon dioxide emissions will be avoided annually,” the agency said in a release.

Helion Venture Partners and Foundation Capital, leading venture capital investors in clean technology companies also funded Azure's solar power initiative in September 2008. “The support from IFC, Helion, and Foundation Capital is recognition of the potential of MW scale solar power generation in India,” Azure Power's Chief Executive Officer, Mr Inderpreet S. Wadhwa, said.