NSL Renewable Power Private Limited (NRPPL) is to develop wind and hydropower projects in India with the support of the Asian Development Bank.
The ADB has agreed to invest $30 million of equity in the Indian renewable energy company, which has set a target of installing 1000 MW of generating capacity in India by 2017.
NRPPL says it will use the investment to partially finance the construction of the 100 MW Tidong run-of-river hydropower project in Himachal Pradesh state, and the 75 MW Chilarewadi wind project in Maharashtra. The funds represent ADB's first equity investment in a private sector renewable power generation company in India and also its first private sector assistance to India's hydropower sector.
"India will increasingly need renewable energy to drive its development, and the private sector will play a central role in developing the renewable energy sector to help the country achieve green growth," said Lakshmi Venkatachalam, ADB's Vice President for Private Sector and Cofinancing Operations.
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