Mumbai: International Finance Corp. (IFC), a member of World Bank group, will lend $50 million to two wholly-owned subsidiaries of Continuum Wind Energy (India) Pvt. Ltd, to expand access to clean energy and help reduce greenhouse gas emissions, IFC said in a release on Thursday.

IFC has also helped mobilize a loan of $100 million for the project from Yes Bank Ltd.

Continuum Wind, with the support of Morgan Stanley Infrastructure Partners, a global infrastructure investment fund, has achieved an aggregate operating capacity of about 150 MW, with 260 MW under construction and about 580 MW in development.

The financing will be used to construct a 170 megawatt wind power plant in Madhya Pradesh.

Two subsidiaries of Continuum Wind —DJ Energy Pvt. Ltd and Uttar Urja Projects Energy Pvt. Ltd—will develop the project. The project will annually generate 330 gigawatt hours of clean power to reach 300,000 people, IFC said.

“IFC’s long-tenor financing, global renewable-energy expertise and validation of our project will go a long way in contributing to the growth of Continuum," said Arvind Bansal, chief executive officer and founder, Continuum Wind Energy.

IFC has a committed portfolio of about $340 million in renewable energy projects in India.

This is the third investment announced by IFC in September. On 4 September, IFC had announced $250 million investment in Ballarpur Industries Ltd and $27.5 million investment in Lucid Colloids Ltd.

So far in 2014, IFC has invested more than $900 million across renewable energy, banking and financial services, pharmaceuticals and affordable healthcare segments.

Renewable energy is a significant area for investment for IFC. Other than the Continuum deal, in 2014, IFC has invested around $64 million in two deals in the renewable energy space, while in 2013, it made an investment of $73 million across three deals in the sector.

“Our strategy currently emphasizes growth equity funds, climate change, and small business funds," said Nupur Garg, regional lead, private equity funds, IFC.

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