IFC to invest $4 Million in Sapphire Industrial Infrastructures

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New Delhi: IFC will invest $4 million in Sapphire Industrial Infrastructure, a wholly-owned subsidiary of Moser Baer Clean Energy, for developing PV power generation projects of 5 MW. The project is to build and operate a grid connected 5MW solar PV demonstration plant, which will be integrated into the grid network in the State of Tamil Nadu. The project site identified is in Sivaganga district in Tamil Nadu. The estimated average annual net electricity generation from the 5MW project is expected to be approximately 8, 000 MWh, which corresponds to an Annual PLF of about 18 percent. The total cost of the project is about $20 million, out of which $6 million would be funded through equity contributed by Moser Baer Projects. IFC has been requested to provide a financial support of $4 million to the project and the balance $10 million would be financed through local financial institutions/banks. Moser Baer Clean Energy was established in 2008 with a strategy to undertake development of renewable power projects worldwide and is engaged in Solar Farm Development. Till date, it has bagged projects aggregating to over 100 MWp in India and Europe.

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