ADB blows the clean energy in India

As part of its strategy infrastructure development, ADB (Asian Development Bank) based in Manila (Philippines) has approved a $ 390 million for ReNew Power to develop renewable energy projects in India.

ReNew Power, a leading independent power producer (IPP), with this financing will develop photovoltaic solar project with combined capacity of 398 megawatts (MW) in Jharkhand and Telangana, win power project with combined capacity of 311 MW in Andhra Pradesh, Gujarat, Karnataka and Madhya Pradesh.

The plants will be commissioned by December 2017 and they are both expected to generate 1,400 gigawatt hours of electricity and help avoid nearly 1.2 million tons of carbon dioxide emissions per year. The generated electricity will be supplied to respective state power distribution companies under long term power purchase agreements.

“We strongly believe in ReNew Power’s potential and execution capabilities,” said Michael Barrow, Director General of ADB’s Private Sector Operations Department. “The company has shown tremendous growth over the last few years and we are pleased to provide a further boost to help it bridge the gap between India’s current and growing energy needs and to reduce the country’s carbon footprint.”

ADB supported the development of renewable energy in India since 2007, and as part of the commitment announced to scale up climate change financing to $ 6 billion a year by 2020, ADB will seek to sustain its private sector activities, particularly in major renewable energy markets such as India.