15:58 GMT +318 July 2019
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    ADB to Give $390Mln to Support Renewable Energy Projects in India

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    The Asian Development Bank said Tuesday it had approved to give Indian renewable energy companym money to support the company’s solar and wind power projects across the country, the bank said in a press release.

    MOSCOW (Sputnik) — The Asian Development Bank (ADB) said Tuesday it had approved a plan to give Indian renewable energy company ReNow Power $390 million to support the company’s solar and wind power projects across the country, the bank said in a press release.

    "As part of its efforts to scale up private sector-led infrastructure development in Asia and the Pacific and boost support for clean energy, the Asian Development Bank (ADB) approved a new $390 million financing package for ReNew Power to develop renewable energy projects in India," the press release said.

    In the release, Director General of the ADB’s Private Sector Operations Department Michael Barrow said that the bank was confident about ReNow Power’s "potential" and "pleased" to support the company as India worked to bridge the gap between its current and growing energy needs, and to reduce carbon emissions.

    According to the ADB, the finance package aims to produce 1,400 gigawatt hours of electricity, which is expected to help avoid India’s almost 1.2 million metric tons of emissions per year. The package will also allow ReNow Power to develop solar power projects in the Jharkhand and Telangana states, and wind power projects in the Andhra Pradesh, Gujarat, Karnataka, and Madhya Pradesh states.


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