IFC has received approval from its Board of Directors to invest in Coastal Gujarat Power Limited's Tata Mundra project, helping expand access to electricity in India. The project's 4,000-megawatt, coal-fired power plant will supply affordable power to industrial and agricultural users and about 16 million domestic consumers.
India faces power shortages that leave more than 400 million people without access to electricity, mainly in poor rural areas. This new project helps address this gap.
As part of World Bank Group efforts to address climate change, IFC is prioritizing investments in renewable energy around the world by:
- Tripling its renewable energy and energy efficiency investments over the next three years
- Supporting improvements in energy efficiency through financial intermediaries
- Helping increase efficiencies in transmission and distribution
With fossil fuels likely to remain a key contributor to the world's electricity needs, IFC intends to support only highly efficient coal-fired projects, such as Tata Mundra, that have a relatively lower carbon footprint than existing coal plants.
To learn more about the project, read the
related press release.
For more information contact:
Zibu Sibanda
IFC Communications Officer
Infrastructure
Phone: +1 (202) 473-0605
E-mail: zsibanda@ifc.org | Minakshi Seth
IFC Communications Officer
South Asia
Phone: +91 11 411 1058
E-mail: mseth@ifc.org |
Published April 8, 2008
