Continuing its investment momentum in the clean technology space in emerging markets, International Finance Corporation (IFC), the private investment arm of the World Bank, is investing $21 million in Applied Solar Technologies India Pvt Ltd (AST). The investment will be in the form of equity and debt, VCCircle has learnt.
Private equity firm Bessemer Venture Partners is an existing investor in the company.
Applied Solar Technologies, a New Delhi-based company, provides solar photo voltaic based off-grid power solutions. AST builds and operates the solar installations, and has clients in telecom tower businesses.
The company plans to utilise the fund in installing its solution in about 10,000 telecom tower sites in the next few years. The projects will be located largely in rural India in Bihar, Uttar Pradesh, Orissa and Rajasthan.
Very recently, IFC announced investment of $1.25 million in Husk Power Systems, another clean energy firm engaged in rural electrification and power generation. IFC is also investing $25 million in CLSA's Clean Resources Asia Growth Fund, which targets investments in clean technology.
Some of its previous cleantech investments in India include Azure Power India Pvt Ltd, Auro Mira Energy Company Private Ltd (AME) and Bhilwara Energy Ltd.