The Asian Development Bank (ADB) is providing a $500 million (~Rs.33.4 billion) loan to Power Grid Corporation of India (PGCIL) for the development of Green Energy Corridor, according to a PGCIL BSE filing.

Initially, the PGCIL was expecting a loan of up to $1 billion (~Rs.67 billion) from ADB for the Green Energy Transmission Corridor, stated a source at PGCIL.

These funds will help PGCIL develop the Raigarh-Pugalur 6,000 MW High Voltage Direct Current (HVDC) system and Pugalur-Trichur 2,000 MW VSC based HVDC system associated with HVDC bipole link between the western and southern regions.

Mercom had previously reported that PGCIL received a €500 million (~$527 million) soft loan from KfW of Germany, also for the development of the Green Energy Corridor.

Image credit: By Eugene Alvin Villar (seav) (Self-photographed) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons