ADB invests USD 30 million in hydro and wind power plants
Updated: May 02, 2013 01:16:40pm
New Delhi, May 2 (KNN) Asian Development Bank (ADB) has signed an agreement with NSL Renewable Power Private Limited (NRPPL), a leading renewable energy company in India, for an equity investment of USD 30 million (Rs 162.66 crore) in the company.
"India will increasingly need renewable energy to drive its development, and the private sector will play a central role in developing the renewable energy sector to help the country achieve green growth," said ADB's Vice President for Private Sector and Cofinancing Operations, Lakshmi Venkatachalam.
ADB’s investment will help NSL reach its target of 1,000 MW of operational renewable energy assets by 2017.
The investment agreement between ADB and NRPPL was signed yesterday in the run up to ADB's 46th Annual Meeting in Delhi.
This is ADB’s first equity investment in a private sector renewable power generation company in India and the first private assistance to India’s hydro power sector.
The project will support hydropower and wind power projects that will generate 530 gigawatt-hours every year, and reduce carbon dioxide emission by 400,000 tons annually from 2017 onward.
A part of the investment proceeds would be used for its 100-MW Tidong run-of-river hydro power project in Himachal Pradesh and the 75-MW Chilarwadi wind project in Maharashtra, NSL said.
ADB plans to increase its investments in the company and also in the country's renewable energy space in future.
NSL Renewable Power is the renewable energy vertical of NSL Group. It currently has 185 MW of installed capacity across wind, solar, bio-mass and hydro and has under construction over 200 MW in wind and 150 MW in hydro projects.
The company also has a development pipeline, which will enable it to reach 1,000 MW capacities by 2016.
The company had entered into an agreement for equity investment of about USD 60 million with a group of investors from Germany, France and Korea a couple of days ago.
It had raised a similar amount in 2011.
NRPPL belongs to the NSL group, which includes Nuziveedu Seeds Limited, the largest seed company in India. (SD/KNN)
"India will increasingly need renewable energy to drive its development, and the private sector will play a central role in developing the renewable energy sector to help the country achieve green growth," said ADB's Vice President for Private Sector and Cofinancing Operations, Lakshmi Venkatachalam.
ADB’s investment will help NSL reach its target of 1,000 MW of operational renewable energy assets by 2017.
The investment agreement between ADB and NRPPL was signed yesterday in the run up to ADB's 46th Annual Meeting in Delhi.
This is ADB’s first equity investment in a private sector renewable power generation company in India and the first private assistance to India’s hydro power sector.
The project will support hydropower and wind power projects that will generate 530 gigawatt-hours every year, and reduce carbon dioxide emission by 400,000 tons annually from 2017 onward.
A part of the investment proceeds would be used for its 100-MW Tidong run-of-river hydro power project in Himachal Pradesh and the 75-MW Chilarwadi wind project in Maharashtra, NSL said.
ADB plans to increase its investments in the company and also in the country's renewable energy space in future.
NSL Renewable Power is the renewable energy vertical of NSL Group. It currently has 185 MW of installed capacity across wind, solar, bio-mass and hydro and has under construction over 200 MW in wind and 150 MW in hydro projects.
The company also has a development pipeline, which will enable it to reach 1,000 MW capacities by 2016.
The company had entered into an agreement for equity investment of about USD 60 million with a group of investors from Germany, France and Korea a couple of days ago.
It had raised a similar amount in 2011.
NRPPL belongs to the NSL group, which includes Nuziveedu Seeds Limited, the largest seed company in India. (SD/KNN)
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