Wednesday 4 November 2015

$200m to boost renewable projects in India

India is receiving $200 million (£128m) for green energy projects.

The Indian Renewable Energy Development Agency (IREDA) will use the cash to projects including wind, biomass, hydropower and solar.

The loan from the Asian Development Bank (ADB) is part of a $500 million (£320m) fund which aims to catalyse private sector investments in renewable energy.

The ADB claims its fund will support 990MW of additional clean energy capacity and help IREDA to meet its renewable development targets.

Teresa Kho, Country Director for ADB in India said: "ADB’s loan will help the government scale-up renewable energy infrastructure by facilitating investments in projects that will balance the objectives of growth, climate change and energy security."