The Asian Development Bank (ADB) will provide $500 million loan to help Power Grid finance its transmission projects.
The two sides have signed an agreement to this effect.
“Power Grid has entered into a loan agreement with ADB on August 17, 2017, for an amount of USD 500 million,” Power Grid Corp said in a BSE filing.
According to the statement, the proceeds of the loan are proposed to be utilised for funding of Green Energy Corridor (Part D); 800KV High Voltage Direct Current (HVDC) bipole link between Western Region (Raigarh, Chhattisgarh) and Southern Region (Pugalur, Tamil Nadu) and 320 KV HDVC link between Pugalur and North Trichur (Kerala).
Power Grid is investing big time to strengthen power transmission capacity to fulfil the government’s pledge for uninterrupted electricity supply from 2019.
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