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Publish Date : 06-Apr-2017

The Manila-based Asian Development Bank (ADB) has agreed to provide a loan of $175 million to the State-owned Power Grid Corporation of India Limited (PGCIL) to help the company carry out upgrading of the solar power transmission network of the country.

The donor has revealed in a statement that the newly approved financial support will facilitate enhancement of the capability and effectiveness of the interstate electricity transmission networks, particularly to pump energy to the national power grid produced from the solar parks.

According to the ADBs statement, the regional lender will also offer a co-financing loan worth $50 million from the multi-donor funding agency - the Clean Technology Fund, a part of the climate investment fund of $5.8 billion, subsequent to delivery of a $500 million loan in 2016 for the solar rooftop sector of India.

The Principal Energy Specialist at the ADB Kaoru Ogino commented, India, with its mandate of achieving a more sustainable future, is leading the lines in achieving energy security while increasing energy capacity and supply through renewable sources such as solar energy.

Ogino added, We are looking forward to the benefits of this partnership with PGCIL to continue helping India achieve a more inclusive and sustainable future.

With the funding, PGCIL will be able to improve transmission infrastructure for electricity produced by the 2,500MW Bhadla solar park in Rajasthan and 700MW Banaskantha solar park in Gujarat.

The money will also help the Indian state-run electric utility to support another subproject pair, with a combined generation capacity of 4.2GW of solar energy.

India, despite having some bureaucratic and proper infrastructure related challenges, the country is dedicatedly focused on its grand solar energy strategy of 100 GW envisioned to be achieved by the year 2022.

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