IFC to invest $ 15 mn in Shalivahana Green Energy

MUMBAI: IFC, a division of World Bank, today said it will invest $ 15 million for an equity stake in biomass power company Shalivahana Green Energy.

The investment will support the company's expansion of about 200 MW of its existing biomass power projects in Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, and Tamil Nadu, IFC said in a statement.

Additionally, IFC has also committed to purchasing up to 1.5 million Certified Emission Reductions or CERs from energy projects developed by Shalivahana during 2013 to 2020, it added.

As part of the arrangement, IFC will pay for a pre-agreed percentage of the spot price of the CERs at the time of delivery, subject to a minimum price, it said.

At present, Shalivahana has a installed capacity of 50.4 MW and apart from IFC, Axis Infrastructure Fund 1 and IL&FS Renewable Energy Limited also invested in the company.