Asian Development Bank (ADB) has approved USD 175 million loan to Power Grid Corporation to help the power producer diversify its power mix by supplying more clean energy.
Asian Development Bank (ADB) has approved USD 175 million loan to Power Grid Corporation to help the power producer diversify its power mix by supplying more clean energy.
Under clean energy clause, more power is to be produced from solar. The move will also help India to achieve its energy security target.
Also, ADB will be assisted with USD 50 million co-financing loan from its Clean Technology Fund (CTF).
CTF is part of ADB's USD 5.8 billion corpus under Climate Investment Funds aimed at providing developing countries resources to utilise low carbon technologies and transitioning to clean, renewable energy sources.
The Power Grid project is intended to improve capacity and efficiency of inter-state transmission networks, particularly transmitting electricity generated from new solar parks to national grid.
Power Grid is including two additional sub-projects to increase solar power production by 4.2 gigawatt and reduce carbon emission by over 7 million tonnes each year.
It has a 2,500 megawatt power capacity from Bhadla solar park in Rajasthan and 700 megawatt in Banaskantha, Gujarat.
"India, with its mandate of achieving a more sustainable future, is leading the lines in achieving energy security while increasing energy capacity and supply through renewable sources such as solar energy," Kaoru Ogino, an ADB Principal Energy Specialist said.
Manila-based ADB, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
It is owned by 67 members of which 48 are from the region.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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