Tata Power gets $79.3-m ADB loan

New Delhi: Manila-based Asia Development Bank (ADB) on Wednesday said it had approved a $79.3 million loan to Tata Power Company for setting up and operating wind energy projects. The loan will support Tata Power in setting up and running wind power facilities in Maharashtra, which will produce 100 MW of electricity, ADB said in a statement from its headquarters.

The rupee-denominated loan comes without government guarantees and is aimed at developing alternative, environmentally sustainable energy sources, the Bank said. It will also hopefully boost economic growth and encourage the private sector of the country and the international community to cooperate in renewable energy development, it added. 'India urgently needs to explore sustainable energy development and the Government has been working proactively to promote the use of renewable energy sources. We are glad we would be partnering with Tata Power to drive this initiative,' said Mr Takeo Koike, an ADB investment specialist.