India's 450 MW hydel project gets $315-M funding

India's hydro energy gets needed boost.

This will come in the form of a US$315 million Asian Development Bank loan to fund the 450 MW Shongtong Karcham hydroelectric project in Kinnaur district of Himachal Pradesh.

The loan, which is the fourth tranche of a US$ 800 million financing facility called the 'Himachal Pradesh Clean Energy Development Investment Program', will be valid for 25 years with a grace period of five years.

The remaining financing of the project will be undertaken by the state government as well as the German development bank, KfW. Himachal Pradesh government will invest US$ 235 million in the project while KfW will provide a support of 150 million Euros.

The project will not only provide affordable power to the residents of the state but also help export excess power to the power-deficit states of the country.

The Himachal Pradesh Clean Energy Development Investment Program was approved by ADB in 2008 to expand the supply of power in the state. The finance scheme is currently financing four run-of-river hydroelectric power projects, totaling 856 MW, developed by Himachal Pradesh Corporation Limited and the state government.

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