ADB and Fourth Partner Energy signed a loan to build solar power plant in India
ADB has been supporting renewable energy development in India since 2007, but this is its first direct financing for a renewable energy plant of this nature. A loan of up to 14.7 million dollars for a project that is expected to avoid tons of carbon dioxide emissions each year.
The two partners, Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (4PEL), have signed a long-term loan of up to 1.2 billion Indian rupees (approximately 14.7 million USD) to construct and operate a 25-megawatt solar photovoltaic power plant to increase the supply of clean and low-cost energy to commercial and industrial customers.
India’s progressive open access renewable energy policy allows a group of consumers to purchase electricity directly from an Independent Power Producer (IPP). It is namely the ADB that financed the first set of wind projects under the IPP model in 2007.
In this case, 4PEL is India’s leading renewable energy solutions company and is committed to accelerati