Manila: Asian Development Bank (ADB) has approved a $79.3 mn (Rs33,306crore)loan to India’s largest private power company to set up and operate wind energy facilities.
The loan will support Tata Power Co. Ltd in setting up and running wind power facilities in the state of Maharashtra which will produce 100 mw of electricity. The rupee-denominated loan comes without government guarantees and is aimed at developing alternative, environmentally sustainable energy sources.
It will hopefully boost economic growth and encourage private sector and international community to cooperate in renewable energy development.
India is the third largest energy-consumer in Asia, just behind China and Japan and its growing economy has made it more dependent on fossil fuels which are more polluting.
“India urgently needs to explore sustainable energy development and the government has been working proactively to promote the use of renewable energy sources. We are glad we would be partnering with Tata Power to drive this initiative,” said Takeo Koike, an ADB investment specialist.