IFC invests €11 million in Gamesa Wind Turbines
20 April 2011
IFC, the commercial lending arm of the World Bank Group, is providing a €11 million loan to Gamesa Wind Turbines Pvt Ltd, to help the company build a wind-turbine assembly facility.
IFC's loan will support Gamesa's plans to scale up its assembly capacity in India over the next two years, the company said in a release.
"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's director for manufacturing in Asia, adding, "The investment will help address India's energy deficit and sustain its forecasted trajectory of economic growth."
The new facility will produce cost-effective turbines suited to India's grid and wind conditions, the release said.
Gamesa is a subsidiary of Spanish wind-energy technology leader Gamesa Corporación Tecnológica SA. The company has 21,000 megawatts installed capacity 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 builds wind farms.