The Manila-headquartered Asian Development Bank (ADB) lends a $175 million loan to the Power Grid Corporation of India Ltd.
The project will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from the new solar parks to the national grid.
In addition to the ADB loan of USD 175 million, the project includes USD 50 million co-finance from the Clean Technology Fund (CTF), part of a USD 5.8 billion component of the Climate Investment Funds aimed at providing developing countries resources. PowerGrid will make an equity contribution of USD 135 million equivalent to support the total project cost of USD 450 million.
Takeaways from above News-
- ADB grants $175 m loan to Power Grid Corporation
- Takehiko Nakao is the President of the Asian Development Bank (ADB)
- ADB full form is Asian Development Bank
- Headquarter of ADB in Manila, Philippines
If you have any other takeaways, do share with us in the comment section
Source- The Hindu