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ADB to lend $450 mn for new power plant in India

ADB to lend $450 mn for new power plant in India
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First Published: Fri, Apr 25 2008. 01 46 PM IST
Updated: Fri, Apr 25 2008. 01 46 PM IST
By AFP
Manila: The Asian Development Bank (ADB) said on 25 April, it will lend $450 million (Rs1,808 crore) for the construction of a new coal-fired power plant in the Indian state of Gujarat.
The loan will go to Coastal Gujarat Power Limited (CGPL), a subsidiary of the Tata Power Company Limited, the largest private power utility in India, the ADB said in a statement from its headquarters in the Philippine capital.
The 4,000-megawatt coal powerplant will use “supercritical technology” which is more efficient and less polluting than other coal powerplants.
“India will be dependent upon coal as a fuel for a large portion of its power generation for the foreseeable future as it has no other practical alternatives,” so it will have to tap cleaner technology for coal, ADB investment specialist, Takeo Koike, was quoted as saying.
The new powerplant is expected to be the first in the Indian governments’ “Ultra Mega Power Projects,” a series of large energy-efficient power plants intended to ease power shortages across the country, the multilateral institution said.
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First Published: Fri, Apr 25 2008. 01 46 PM IST
More Topics: ADB | India | Loan | Power Plant | Economy and Politics |