IFC provides € 11-million loan to India's Gamesa Wind Turbines

World Bank member, International Finance Corporation (IFC), has provided € 11-million loan to India's Gamesa Wind Turbines to help build a wind-turbine assembly facility that will help diversify the country'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, a press release issued here today said.
       
"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," IFC director for manufacturing in Asia, Sergio Pimenta, said.
       
Gamesa, a subsidiary of Spain-based Gamesa Corporación Tecnológica 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.
With 11 gigawatts of installed wind capacity, India is the fifth-largest wind market in the 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.
       
"The investment will help address India's energy deficit and sustain its forecasted trajectory of economic growth," Pimenta said.