ADB to fund Solar power initiatives in Gujarat

The Asian Development Bank (ADB) will extend USD 100 million loan for solar power initiatives in Gujarat.

ADB's board of directors has approved the financing of USD 100 million for Gujarat Solar Power Transmission Project.

In a statement today, ADB said 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 loan from ordinary capital resources will have a 25-year term, with a 5-year grace period... The Government of Gujarat will provide counterpart funds of nearly USD 37 million, for a total project cost of almost USD 137 million.