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
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.