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INDIA : Gujarat Solar Power Project gets $100 million loan from ADB
Publish Date : 16-Sep-2011
The Asian Development Bank (ADB) will extend USD 100 million (about Rs 475 crore) loan for solar power initiatives in Gujarat.This loan will have a 25-year term with a grace period of five years.
This amount will be used to set up a sub-station and transmission lines and installation of other equipment to collect and distribute solar power produced at the Charanka Solar Park in Patan district of Gujarat. This move will allow private companies to establish more cost-effective solar power plants in the park.
In Gujarat, several solar energy parks are planned to meet the increasing demand for power and to help reduce the use of fossil fuel. The Charanka Park is such kind of a project. The objective of this project is to generate more than 500 MWs.
Necessary permits and services will be provided by these parks to the developers to speed up the setting up of the solar plants.However, the Government of India is planning to develop solar facilities in the country. Once developed, these facilities will have a total generating capacity of 20,000 MWs by 2022.
