, India
Photo from ADB

ADB invests $100m for decarbonisation of India’s commercial, industrial sector

This will encourage the building of more solar capacity.

The Asian Development Bank (ADB) has signed a $100m equity investment with independent power producer Fourth Partner Energy Private Limited to decarbonise India’s commercial and industrial sector through utility-scale solar, solar-wind hybrid and rooftop solar power projects.

In a statement, ADB said the financing includes $70 million from its ordinary capital resources and $30 million from Leading Asia’s Private Infrastructure Fund 2. Deutsche Investitions- und Entwicklungsgesellschaft and the International Finance Corporation are joint investors.

"ADB's investment will support the clean energy transition by encouraging domestic and international lenders to engage with independent power producers in this sector,” said ADB Director General for Private Sector Operations Suzanne Gaboury.

The project will also accelerate the decarbonisation of commercial and industrial companies with high energy requirements and transition them to renewable energy, both in India and select Southeast Asian countries where the company has operations, ADB said.

In July, ADB approved a $240.5m loan to boost the rooftop solar systems in India, helping the country expand energy access and achieve its target of about 50% of cumulative electric power installed capacity from non fossil fuel energy sources by 2030. 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.