NEW DELHI: The Asian Development Bank (ADB) will invest USD 750 million on power transmission systems that facilitate the bulk transfer of electricity from Chhattisgarh to areas of high demand in the North of India, including the National Capital Region.
The funds will be made available to state-run transmission utility Powergrid, the multilateral funding agency said in a statement, adding that the funding will be in the form of a USD 500 million sovereign-guaranteed loan and a USD 250 million non-sovereign corporate loan.
The ADB board of directors has approved loan financing for the national grid improvement project, which will allow the bulk transfer of electricity (3,000 MW) from independent power producers in Chhattisgarh to areas of high demand in the North of the country.
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