ADB to offer USD 175 mn loan to improve solar transmission
Asian Development Bank (ADB) and the government of India have signed an agreement, as per which the former will offer USD 175 million loan to support construction of high voltage transmission systems.
The high voltage systems will evacuate power from new mega solar parks to the inter-state grid and improve reliability of the national grid.
In a statement, the Manila-headquartered bank said, “The loan will be given to the Power Grid Corporation and will include sub-projects in various locations in India.”
Raj Kumar, Joint Secretary, Finance Ministry, said, “By supporting the construction of inter-state transmission systems for the mega solar power projects, the project will provide a means of exporting excess solar energy from states with surplus power to power-deficit states and those seeking to meet their renewable purchase obligation requirements.”
Image Credit : static-news.moneycontrol.com
