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Thomas Davenport(1)

International Finance CorporationA?(IFC) , a member of the World Bank Group, is providing funding of $5 million to NSL Renewable Power through compulsorily convertible debentures.

IFCs investment will help NSL Renewable Power double its power generation capacity over the next 18 months. This second round of financing follows a $20-million equity investment that IFC had made in the company in 2011.

IFCs financial support and expertise in the renewable energy sector will have a strong demonstration effect and encourage other investors to invest in NSL Renewable Power, M. Prabhakar Rao, Chairman, NSL Group said.

The investment will help partially address power scarcity and contribute to change mitigation, Thomas Davenport, IFC Director for South Asia, said.

NSL Renewable Power develops and operates renewable energy projects using biomass, wind, hydro, and solar technologies and has an operational capacity of 185 MW across India.

 

 

 

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