International Finance Corporation (IFC), the private investment arm of the World Bank, has hinted more allocation to renewable energy focused private equity funds globally. It plans to invest around $150 million in such funds in near future, reports PEI Asia.
In October 2008, the company proposed $300 million to invest in such funds though its private equity and infrastructure investment divisions. The fund got approval for half of the amount from its funding agency.
IFC is now looking at opportunities in emerging market funds in clean energy, cleantech and carbon finance space, the report added quoting Dana Younger, senior adviser at the IFC’s infrastructure department. It targets to spend $3 billion in the renewable sector over the next three fiscals beginning July this year.
IFC has already made a few investments in renewable energy space in India. The most recent was in Azure Power India Pvt Ltd, a New Delhi-based solar energy service provider. IFC has invested $10 million in Azure. Earlier, it has invested in Chennai-based Auro Mira Energy Company Private Ltd (AME) and Bhilwara Energy Ltd.
It also has investments in China in Asia, besides Bulgaria, Chile, Turkey, and Philippines in other geographies.