ADB Finances Hydropower Project Upgrade in India
30 September 2011: The Asian Development Bank (ADB) is financing transmission system upgrades in Himachal Pradesh in India tapping on hydropower resources.
ADB approved a multi-tranche financing facility with a first investment of $113 million to allow the state of Himachal Pradesh to scale up generation of hydropower energy, by building new high voltage lines and other transmission infrastructure.
According to Andrew Jeffries, Senior Energy Specialist, ADB South Asia Department, the financing will also allow this source of clean energy to benefit other parts of the country.
The recently-formed transmission utility, HP Power Transmission Corporation, will also receive support to strengthen its financial and asset management capabilities. ADB will also extend a technical assistance grant of $600,000 from its Technical Assistance Special Fund that will provide support to HP Power Transmission Corporation to implement and plan future projects. The programme is expected to be completed in December 2017. [ADB Press Release]