Chennai, India, April 20, 2011—IFC,
a member of the World Bank Group, is providing an €11 million loan to
India’s Gamesa Wind Turbines Pvt. Ltd to help build a wind-turbine assembly
facility that will help diversify India’s energy mix and reduce its greenhouse-gas
footprint while addressing energy needs.
IFC’s loan will support Gamesa’s plans to scale up its assembly capacity
in India over the next two years. The investment also will have a
positive impact on job creation in India, generating direct jobs as well
as opportunities through the local supply chain, thus supporting sustainable
“Our project with Gamesa represents IFC’s first investment in a wind-turbine
manufacturer in India, and we are committed to supporting energy generation
from renewable sources to reduce greenhouse-gas emissions,” said Sergio
Pimenta, IFC Director for Manufacturing in Asia. “The investment
will help address India’s energy deficit and sustain its forecasted trajectory
of economic growth.”
With 11 gigawatts of installed wind capacity, India is the fifth-largest
wind market in world. Since 2005, the country has seen a steady increase
in installations. The new facility will produce cost-effective turbines
suited to India’s grid and wind conditions.
Gamesa, a subsidiary of Spain-based Gamesa Corporación Tecnológica S.A.,
is a global leader in wind-energy technology. The company has more
than 15 years of experience and 21,000 megawatts installed in 30 countries,
with production facilities in China, India, Europe, and the United States.
It designs, manufactures, and installs wind turbines, as well as
manages operation and maintenance services for close to 14,000 megawatts.
Gamesa also develops, constructs, and sells wind farms.
For more information about Gamesa, visit www.gamesacorp.com.
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 www.ifc.org.