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WB asks govt to amend renewable energy pact with IFC

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OST Business Bureau
Bhubaneswar, Dec 16:

The World Bank, a partner of the state government for the Odisha Inclusive Growth Partnership Programme, has asked the government to make amendments in the scope of work for renewable energy under the cooperation agreement between the state government and the International Finance Corporation (IFC), the private lending arm of World Bank.
It has made recommendations for IFC to support the state government in formulation of the state’s Renewable Policy with focus on solar and small hydro power, formulating regulations for small grid connected renewable energy and facilitate private sector transaction leading to investments in renewable energy or energy efficiency, said an official of the Energy department.
It is to be noted that IFC has initiated the Odisha Inclusive Growth Partnership to help the state generate potentially transformative investments in key areas like agribusiness, downstream metal manufacturing and tourism as well as make it easier for small and medium scale companies to operate.
There is enough scope to generate solar power in the state, which can be used as alternative energy to meet the demand of the consumers, the official said.