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Finance | September 2011

ADB lends $100 mn for solar project

Board of directors of the Asian Development Bank (ADB) approved the financing of $100 million for Gujarat Solar Power Transmission Project.

The funds would be used for a substation, transmission lines and other equipment to collect and distribute solar power generated by plants in the Charanka Solar Park in Gujarat's Patan district. The facilities will make it cheaper for private companies to set up sizeable solar energy generating plants, which will provide the sector a considerable boost. The loan from ordinary capital resources will have a 25-year term, with a 5-year grace period. The Gujarat government will provide counterpart funds of nearly $37 million, for a total project cost of almost $137 million. Charanka Solar Park aims to produce over 500 mw power and is one of the large-scale solar energy parks in India. This is will reduce the consumption of fossil fuels and meet the demand of power in the state. The parks will make available developers with the necessary permits and services to fast track the rollout of generation plants. They will also support the Government of India realize its ambition of building solar facilities with total generating capacity of 20,000 MW by 2022. The project would also offer vocational skills training for up to 300 people in target areas as well as energy-based livelihood programs for up to 100 poor women.

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