Azure Karnataka (IFC-36716)

Countries
  • India
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 21, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AZURE POWER INDIA PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 31.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
A further $80 million will be provided via syndication of parallel loans.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
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/

How it works

How it works