A US$30 million equity investment from the Asian Development Bank (ADB) will help support development of NSL Renewable Power Private Ltd.’s (NRPPL) 100-MW Tidong hydroelectric project.
ADB said the equity investment is its first in an Indian private sector renewable power generation company, and also its first into India’s hydropower private sector.
“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,” ADB Vice President for Private Sector and Co-Financing Operations Lakshmi Venkatachalam said.
The investment will help NRPPL reach its goal of 1,000 MW-worth of operational renewable energy assets by 2017, ADB said, and will also be used to fund a 75 MW windpower project.
The Tidong plant will be located in India’s northern Himachal Pradesh state. HydroWorld.com reported in July 2011 that Alstom India had signed a contract with NSL Tidong Power Generation Pvt. Ltd. to supply two 50 MW turbine units for the project.
For more news from India, click here.