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IFC Plans to Lend $50 Million to Indian Solar Power Company

April 24 (Bloomberg) -- International Finance Corp., the World Bank’s private-sector financing arm, plans to lend as much as $50 million to an Indian solar developer for building and operating power projects.

Acme Solar Energy Pvt. will use the proceeds for a 25-megawatt grid-connected photovoltaic power plant in the state of Madhya Pradesh, according to a statement on the IFC’s website. The funding may be extended to other Acme projects in the states of Odisha and Andhra Pradesh, according to the statement.

India, which plans to raise solar capacity eightfold by 2017, in May may call for bids to build 750 megawatts of capacity as the government seeks to boost renewable-energy output to curb chronic blackouts that shave an estimated 1.2 percentage points off annual economic growth.

To contact the reporter on this story: Ganesh Nagarajan in Chennai at gnagarajan1@bloomberg.net

To contact the editor responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net

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