The World Bank’s private-sector financing arm is considering $9 million in debt and equity funding for a project in Sri Lanka that will sell electricity produced from burning municipal waste.
RenewGen Enviro Ventures India Pvt. won a 25-year contract to build and operate a 10-megawatt plant in Sri Lanka’s Western Province, according to a summary of the proposed funding on the International Finance Corp.’s website.
The $29 million project will be able to incinerate as much as 580 metric tons a day of solid municipal waste. Japan’s Hitachi Zosen Corp. will provide the technology and the electricity will be sold to the Ceylon Electricity Board, according to IFC.