The Asian Development Bank (ADB) has agreed to finance additional power transmission network components with cofinancing from the Asian Infrastructure Investment Bank (AIIB) that will connect with an ADB-financed Green Energy Corridor and Grid Strengthening Project in India.
In support of the Indian government’s Green Energy Corridor initiative, ADB’s Board of Directors approved in December 2015 two loans to build and upgrade inter-regional grid systems between the western and southern regions, and high voltage transmission lines and substations in the northern region. The system will mainly deliver solar and wind energy to wider locations in India. The ADB financing for this comprised a $500 million government-backed loan and a further $500 million in non-sovereign lending to India’s national transmission company, Power Grid Corporation of India Limited . Read More…
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