ADB signs long-term loan for 25 MW solar project in India

The power plant project can generate 50.7 GWh of electricity annually.

The Asian Development Bank (ADB) signed a long-term loan deal with Fourth Partner Energy Private Limited for around $14.7m to develop a 25-megawatt solar photovoltaic-based power plant in India.

In a statement, ADB said the power plant located in Tirunelveli District in Tamil Nadu can produce around 50.7 gigawatt-hours of electricity annually which will be sold directly to commercial and industrial users.

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The project can avoid nearly 41,700 tonnes of carbon dioxide emissions per year.

India’s open access renewable energy policy allows a group of consumers to buy electricity directly for independent power producers, according to ADB.

“This is ADB’s first direct financing to a renewable energy plant of this nature and is expected to crowd in international commercial financing to further decarbonize the commercial and industrial sector,” said ADB Private Sector Operations Department Director General Suzanne Gaboury.