Asian Development Bank to finance solar power in India
MANILA : The Asian Development Bank (ADB) said Wednesday it has approved a 100-million-dollar loan to boost India's solar power facilities.
The Manila-based bank said it would finance a substation, transmission lines and other equipment to collect and distribute solar power generated by plants in the Charanka Solar Park in Gujarat state.
"By putting in reliable power transmission facilities in the solar park, ADB will help draw in private sector developers, while providing a model which can be replicated to scale up solar power in a significant manner in India," ADB climate change specialist Naoki Sakai said.
The park is targeting output of more than 500 megawatts (MW). It is one of several large scale solar energy parks that Gujarat plans to build to meet India's rising demand for electricity and to help reduce its use of fossil fuels.
The solar parks will also help India realize its goal of building solar facilities with total generating capacity of 20,000 MW by 2022.
Copyright dpa (Deutsche Presse-Agentur Gmbh), 2011
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