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ADB grants $1B loan for grid expansion in India

2/15/2016

The Asian Development Bank (ADB) has granted $1 billion in financing to India’s national transmission company Power Grid Corporation of India (Powergrid) to fund renewable energy transmission and grid expansion projects.

The funds, which include $500 million government-backed loan and a further $500 million in non-sovereign lending, will be used by the company to build and upgrade substations, with power transformers and associated electrical equipment, as well as high-voltage transmission lines in Rajasthan and Punjab states.

The funding will support the Indian Government's Green Energy Corridor initiative, which aims to facilitate the power transfer from the renewable energy rich areas to other parts of the country.

Source: 
Energy Business Review