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IFC, a member of the World Bank Group, will provide a $15-millon equity to the Hyderabad-based, biomass power company, Shalivahana Green Energy Ltd.
IFC’s 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. The company has a capacity of 50.4 MW.
Through its Post-2012 Carbon Facility, IFC will also commit to purchase up to 1.5 million Certified Emission Reductions or CERs from energy projects developed by Shalivahana during 2013 to 2020. It will pay for a pre-agreed percentage of the spot price of the CERs at the time of delivery, subject to a minimum price.
SGEL is the flagship entity of the Shalivahana Group. The Group’s operations are primarily in power generation from non-conventional energy sources such as biomass and waste residue. Apart from IFC, Axis Infrastructure Fund 1 and IL&FS Renewable Energy Ltd has also invested in the company.
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