World Bank approves loan for Indian hydroelectric project

Tidong hydroelectric project receives US$5 million in financing.

The funds will be provided by International Finance Corporation, the affiliate of the World Bank responsible for private sector financing. IFC, said the investment will address both power supply and climate change mitigation issues.

The loan was awarded to Indian green energy producer, NSL Renewable Power. The Tidong plant will be located in India's northern Himachal Pradesh state.

In July 2011, Alstom India had signed a contract with NSL Tidong Power Generation Pvt. Ltd. to supply two 50 MW turbine units for the project.

IFC said its support for NSL Renewable Power will also help the company benchmark its environmental and social standards to global best practices.

The Tidong hydropower plant earlier received a US$30 million investment from the Asian Development Bank.