Energy Storage for C&I Customers in India (IFC-605850)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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
Apr 15, 2021
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
Borrower not available at the time of disclosure.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.90 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.
Project Cost (USD)
$ 0.90 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2024

Disclosed by Bank Aug 7, 2024

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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.

According to the Bank’s website, the project will work with RE (Renewable Energy) or RE + storage private sector service providers catering to the C&I sector to help them meet their demand for RE and achieve their net zero targets. Given the diverse and changing market, three key segments have been identified for assessment to spur project development in renewable and energy storage for C&I space: (a) RE or RE + storage offtake by C&I; (b) Distributed C&I market (MW scale); (iii) Small and medium C&I market (kW scale).

India’s Commercial & Industrial (C&I) sector is critical to the economic development of the country. The sector consumes approximately 51% of the electricity generated in India. There has been significant emphasis and adoption of large-scale Renewable Energy (RE) and shift in focus from standalone RE to hybrid solutions that provide firm or even “round the clock (RTC)” renewable power. Energy Storage is the only solution to enable this RTC power, including peak demand as well as for grid balancing. IFC, through this engagement envisages to overcome these challenges by increasing awareness, building capacity, and creating financing/contractual structures to support development of renewable and energy storage models. This project could help to spur the renewable energy development in country and help C&Is to meet them RE goals.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Estimated Total Budget: $906,370.00 (Project budget includes all project-funded activities)


Contact Information
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No contacts available at the time of disclosure.

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

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