Indian hydro project gets $648M World Bank loan

THDC India's 444MW hydro power project on Alaknanda River in Uttarakhand, India will get a $648 million loan from the World Bank.

Upon completion, the Vishnugad Pipalkoti hydro electric project will supply electricity to India's northern electricity grid, which faces severe power shortages, reports.moneycontrol.com.

The power will be supplied to Punjab, Haryana, Rajasthan, Uttar Pradesh, Himachal Pradesh, Uttarakhand, Chandigarh, Delhi and Jammu and Kashmir.

The state government of Uttarakhand will receive a royalty of $20 million per annum, which will be used to build a 65m diversion dam and reservoir as well as a 13.4km headrace tunnel along the river.

THDC India is a joint venture between the federal and state government of Uttar Pradesh Government.