The Asian Development Bank (ADB) is to support the development of 200 MW of solar energy capacity in India.
The ADB has agreed to extend loans of up to $100 million to the ACME Group, which currently has a 350 MW solar power pipeline in India.
Of the 200 MW of capacity earmarked for ADB support, 100 MW have been awarded under the Jawaharlal Nehru National Solar Mission phase 2 programme.
The remaining 100 MW will be selected on certain critieria, including long term offtake of generated electricity, financial viability, and compliance with environmental and social safeguards.
"Solar and other renewable power sources are essential for India's energy diversification and security, and for underpinning the country's long term growth," said Isabelle Chauche, Investment Specialist in ADB's Private Sector Operations Department. "ADB's support for ACME will help break down barriers for more private sector investment, including foreign direct investment, in clean energy infrastructure."
As of September 2014 the total installed solar power capacity in India was 2766 MW. The Jawaharlal Nehru National Solar Mission is targeting an installed generation capacity of 22 000 MW of solar power in India by 2022.
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