ADB approves 434.25 million USD loan to India

Kathmandu: The Asian Development Bank (ADB) on Thursday approved a loan of 434.25 million U.S. dollars to increase renewable energy capacity and improve energy security in India’s Assam state.

The ADB said the Assam Solar Project will construct a 500-megawatt grid-connected solar photovoltaic facility in Karbi Anglong district. The project is also expected to support the development of a grid-connected battery energy storage system to ensure grid stability and meet peak power demand.

The ADB said the project will help Assam develop a renewable energy roadmap and increase its solar energy capacity to achieve its target of 3,000 megawatts by 2030.

RSS/Xinhua