News

ADB Approves $434 Million Loan to Boost Solar Energy Development in Assam.

Banking & Finance | Dated: 06 Nov 2024

The Asian Development Bank (ADB) has sanctioned a loan of USD 434.25 million (approximately Rs 3600 crore) to support the growth of renewable energy in Assam.

🎯 Key Highlights:

- This funding will be directed towards the development of a 500 Megawatt (MW) solar photovoltaic (PV) plant in the Karbi Anglong district, a significant move towards Assam's renewable energy target of 3,000 MW by 2030.
- The loan, along with technical assistance, aims to accelerate Assam's transition to renewable energy, strengthening both energy security and environmental sustainability in the state.

💡 Other Important Facts:

(i) The project features a Battery Energy Storage System (BESS) to enhance energy reliability by managing peak demand and supporting grid stability, implemented through a joint venture between Assam Power Distribution Company Limited (APDCL) and ONGC Tripura Power Company Limited (OTPC) for effective energy management and power control.
(ii) The ADB is also working to boost private sector participation by strengthening Assam's public-private partnership (PPP) framework, with plans to expand the project by developing an additional 250 MW solar PV plant in Karbi Anglong under the PPP model.
(iii) ADB is providing an additional USD 1 million in technical assistance through its Clean Energy Fund under the Clean Energy Financing Partnership Facility.

📚 Test Your Knowledge:

Recently, ADB approved a loan to boost solar energy development in Assam. How much is the loan amount?

Correct Answer: $434 million

🚀 Quick Recap:

About ADB

President : Masatsugu Asakawa
Headquarters : Manila, Philippines