Asian Development Bank on Tuesday announced a $103 million loan to Reliance Power for setting up a 100MW solar plant in Jaisalmer
To help boost private investment in renewable energy, multilateral lending agency Asian Development Bank on Tuesday announced a $103 million loan to Reliance Power for setting up a 100MW solar plant in Jaisalmer, Rajasthan.
The plant, which is expected to be completed in May 2013, will cost around $415 million. The plant will be located near the village of Dhursar in the Jaisalmer district of Rajasthan, which is about 180km from Jodhpur. The site has one of the highest levels of direct sunlight in the country.
Besides ADB, other bilateral agencies and local lenders will provide funds for the project. It will be the first solar energy plant built by Reliance Power, which is a listed company of the Anil Ambani-owned Reliance Group.
"This 100MW plant will help meet growing energy demand in India in a way that avoids emission of harmful greenhouse gases," said Michael Barrow, director, ADB's private sector operations department. He further said, "We hope that the success of this project will spur others to invest in the solar energy sector, which has massive potential in India."