New Delhi: The Asian Development Bank (ADB) on Thursday said it has arranged a loan of Rs 1,460 crore for ENGIE Group for the construction of a 400 MW solar photovoltaic power plant in Gujarat's Surendranagar.
ADB was the mandated lead arranger for the entire loan of 14.6 billion rupees (about US$175.9 million), of which ADB and the Asian Infrastructure Investment Bank both provided 7.3 billion rupees, the Manila-based multilateral funding agency said in a statement.
The project will support the Government of India's goal of achieving at least 500 GW of non-fossil fuel energy capacity by 2030.
“Private sector engagement in the fight against climate change is critical to achieving clean energy transitions in Asia and the Pacific,” said Suzanne Gabourey, ADB Director General for Private Sector Operations.
The statement said the project exemplifies how ADB, as the region's climate bank, supports the private sector in developing renewable energy projects through long-term local currency financing that typically does not meet local needs. Capital is not available in the markets.
This is the second project that ADB has financed for the ENGIE Group in India, following the financing of the Group's flagship project in the country in 2020, and exemplifies our focus on mobilizing long-term financing from partner organizations.
It said the solar panels will be manufactured using locally produced bifacial photovoltaic power modules, thereby diversifying the solar module supply chain and supporting India-based manufacturers.
It said the plant would produce an average of 805 gigawatt-hours annually over the next 25 years, avoiding about 662,441 tonnes of carbon dioxide emissions per year.
ADB was the mandated lead arranger for the entire loan of 14.6 billion rupees (about US$175.9 million), of which ADB and the Asian Infrastructure Investment Bank both provided 7.3 billion rupees, the Manila-based multilateral funding agency said in a statement.
The project will support the Government of India's goal of achieving at least 500 GW of non-fossil fuel energy capacity by 2030.
“Private sector engagement in the fight against climate change is critical to achieving clean energy transitions in Asia and the Pacific,” said Suzanne Gabourey, ADB Director General for Private Sector Operations.
The statement said the project exemplifies how ADB, as the region's climate bank, supports the private sector in developing renewable energy projects through long-term local currency financing that typically does not meet local needs. Capital is not available in the markets.
This is the second project that ADB has financed for the ENGIE Group in India, following the financing of the Group's flagship project in the country in 2020, and exemplifies our focus on mobilizing long-term financing from partner organizations.
It said the solar panels will be manufactured using locally produced bifacial photovoltaic power modules, thereby diversifying the solar module supply chain and supporting India-based manufacturers.
It said the plant would produce an average of 805 gigawatt-hours annually over the next 25 years, avoiding about 662,441 tonnes of carbon dioxide emissions per year.
