ADB lends $113 mn to India wind power projects
The Asian Development Bank on Saturday said it will provide a $113 million loan to develop two wind power facilities in India to improve the country's use of cleaner energy sources.
By Agencies |
MANILA: The Asian Development Bank on Saturday said it will provide a $113 million loan to develop two wind power facilities in India to improve the country's use of cleaner energy sources.
The loan to a wholly-owned Indian subsidiary of CLP Holdings of Hong Kong, will fund development of the facilities in the Indian states of Gujarat and Karnataka, the ADB said in a statement from its Manila headquarters.
The project will spur India's economic growth, diversify its energy sources and stimulate private sector interest towards energy generation by showing how large-scale wind projects can be successfully implemented, the ADB added.
The initiative is part of the ADB's program to develop clean energy facilities with the Indian private sector.
India is the third largest electricity consumer in Asia behind China and Japan, and relies primarily on coal-fired plants. However, it also ranks fourth in the world for installed wind power generation.
The loan to a wholly-owned Indian subsidiary of CLP Holdings of Hong Kong, will fund development of the facilities in the Indian states of Gujarat and Karnataka, the ADB said in a statement from its Manila headquarters.
The project will spur India's economic growth, diversify its energy sources and stimulate private sector interest towards energy generation by showing how large-scale wind projects can be successfully implemented, the ADB added.
The initiative is part of the ADB's program to develop clean energy facilities with the Indian private sector.
India is the third largest electricity consumer in Asia behind China and Japan, and relies primarily on coal-fired plants. However, it also ranks fourth in the world for installed wind power generation.
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