BackADB to fund Reliance Power solar power plant in India
ADB to fund Reliance Power solar power plant in India
Premium
Mumbai: Asian Development Bank (ADB) said on Monday it is part-funding a project with Reliance Power to build what it said would be India’s largest solar photovoltaic power plant.
ADB is providing a long-term loan of up to $48 million to finance the 40 megawatt solar power project located in Jaisalmer district in Rajasthan.
Reliance group firm Reliance Infrastructure will buy the electricity under a long term power purchase agreement. The power will be distributed to households in Mumbai, the country’s financial capital.
The project, expected to cost about $147 million, is scheduled to be completed by the second quarter of 2012, the statement posted on ADB’s site, said.
The Export Import Bank of the United States is also providing funding for the project.
ADB said it aims to help develop, finance and commission 3,000 MW of solar power generation capacity in its developing member countries by mid 2013.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
