Azure Karnataka (IFC-36716)

Countries
  • India
Where the impacts of the investment may be experienced.
Specific Location
State of Karnatka
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 21, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AZURE POWER INDIA PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 31.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2015-12-21 exchange rate.
Project Cost (USD)
$ 147.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2015-12-21 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 27, 2017

Disclosed by Bank Nov 4, 2015


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Project Description
This project provides funds to Azure Power, which will construct a 130 megawatt solar power plant. The project will involve the construction of three separate solar projects, two generating 40 megawatts and one generating 50 megawatts.
Investment Description
  • International Finance Corporation (IFC)
A further $80 million will be provided via syndication of parallel loans.
Contact Information
Project Inquiries: Dr. Manoj Mishra Head- Corporate SHES 8, LSC, Pushp Vihar, New Delhi -110062 India Phone: +91 11 49409800 Project Documentation: Kandikere Panchayat office Gollahalli and Kandikere villages Hiriyur Taluku (Tehsil) Chitradurga district Karnataka PIN - 577545. Sanekere Panchayat office Kapparhalli & Jadekunte villages Challakere Taluku (Tehsil) Chitradurga district. Karnataka The Company will make available on its website (http://www.azurepower.com) SEHS Policies, SEHS management system procedures and other SEHS information of relevance. The Company will also make available on its website, the measures it proposes to implement so as to conduct its business in accordance with IFC’s Performance Standards. ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/