New Delhi, India, March 9, 2011—IFC,
a member of the World Bank Group, and India’s Gujarat Energy Research
and Management Institute will jointly identify and develop renewable-energy
projects in South Asia to help meet the region’s energy needs while better
controlling greenhouse-gas emissions.
IFC is working with Gujarat Energy Research
and Management Institute, known as GERMI, to design and structure a distributed-rooftop
solar-power project in Gandhinagar, capital city of Gujarat state. The
project, a five-megawatt solar installation, is expected to reduce greenhouse-gas
emissions by about 6,000 tons a year and mobilize about $20 million in
private sector investment.
“GERMI’s research and training capabilities
can now be combined with IFC’s financial expertise and ability to implement
clean-energy projects on a much wider scale,” said D. Jagatheesa Pandian,
Chairman of GERMI.
Since the time IFC signed a memorandum
with GERMI during the Vibrant Gujarat 2011 conference earlier this year,
the two organizations, basis the preliminary discussions, have identified
areas of cooperation.
This initiative will, for example, help
explore opportunities and evolve solutions, including replicating solar-rooftop
projects in cities like Bhuj and Rajkot, exploiting Gujarat’s geothermal
potential, sharing knowledge on ways to encourage private investment in
solar projects and explore public-private partnership opportunities to
harness solar energy in other states as well.
Vipul Bhagat, Manager of IFC Advisory
Services for Public-Private Partnerships in South Asia, said, “IFC is
committed to promoting alternate energy-generation projects from renewable
sources within South Asia. Innovative and replicable business models
developed in partnership with private developers will help bring scale
to renewable-energy projects.”
IFC’s advisory services in public-private
partnerships help governments achieve long-term economic growth and provide
improved standards of living by harnessing the potential of the private
sector to increase access, enhance quality, and improve the efficiency
of public services.
To learn more about IFC’s public-private
partnership transactions, visit www.ifc.org/infrastructureadvisory.
To learn more about IFC in South Asia, visit
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
About the Gujarat Energy Research
and Management Institute
GERMI is a center for excellence in
industry learning, research and development, and education. The institute
develops human-resource assets catering to the renewable and nonrenewable-energy
sectors. It also helps improve the knowledge base of policymakers
and technologists and provides a competitive edge to leaders to compete
in the global arena. GERMI is promoted by the Gujarat State Petroleum
Corporation Limited, a public sector undertaking. To learn more, visit