Home » Asian Development Bank extends $175-million loan to Power Grid

Asian Development Bank extends $175-million loan to Power Grid

Asian Development Bank extends $175-million loan to Power Grid

The Asian Development Bank has extended a $175-million loan to public sector undertaking Power Grid Corporation of India Limited (PGCIL).

An official statement said that this amount is for developing the power evacuation infrastructure for 2,500 MW of power from solar parks in Bhadla, Rajasthan, and 700 MW from Banaskantha, Gujarat. In addition to this, PGCIL will also include two additional sub-projects that will increase solar power generation by 4.2 GW through this loan.

In addition to the ADB loan, the project includes $50-million co-finance from the Clean Technology Fund (CTF) — a $5.8-billion component of the Climate Investment Funds aimed at providing developing countries with resources to expand efforts in utilising low-carbon technologies and transitioning to clean, renewable energy sources.

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