World Bank inks $200m for renewable energy project in Himachal Pradesh
The deal covers the addition of 10,000 MW over the state.
The Indian government, the Himachal Pradesh government, and the World Bank signed an alliance with a US$200m project for power sector reforms in the Himachal Pradesh state.
The deal will add 10,000 megawatts (MW) and increase shares of renewable energy (RE) over the state’s electric grid, transforming the state’s power supply into more sustainable and decreasing greenhouse gas emissions by more than 190,000 metric tons annually.
Furthermore, the World Bank’s Himachal Pradesh Power Sector Development Program will assist modification in the established RE resources. It will also allow the addition of 150 MW of solar capacity.
Through this initiative, Himachal Pradesh intends to become a “green state” by meeting 100% of its energy source from renewables and green energy by 2030. Currently, the state has achieved a generation where more than 80% of its energy comes from hydropower.
“The Program will boost local economic activity while replacing fossil fuel-based energy consumption with green energy. Moreover, the Program will support HP to set up a single energy trading desk, thus enabling the sale of surplus hydropower to other states,” Auguste Tano Kouamé, Country Director of World Bank, India, stated.
With the landmark partnership, the Indian government expects that it will set a precedent for future investments in the renewable energy sector.