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$130 Million Loan to India from the World Bank |
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Funding US$300 Million to the 2nd Indian Renewable Energy Project |
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India will expand the development of renewable energy projects and private sector energy efficiency investments with the help of US$130 million in financing from the World Bank and a US$5 million grant from the Global Environment Facility (GEF). This new project, The India Second Renewable Energy Project, aims to reduce power supply shortages and greenhouse gas emissions. It will provide a line of credit channelled through the Indian Renewable Energy Development Agency (IREDA) for private sector financing of small hydro power stations, grid-connected stations as well as stand-alone micro-hydro schemes. To improve energy efficiency, the project will finance integrated energy management schemes to be offered by energy service companies to industrial and commercial end-users such as paper mills, steel mills, and chemical plants. It will also finance the purchase and installation of energy-efficient equipment by end-users. The project further includes a technical assistance component that will prepare a pipeline of energy-efficiency investments; strengthen IREDA’s ability to appraise, manage, and promote energy efficiency services; and assist Indian states in promoting end-use efficiency, including development of appropriate policy incentives. |
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| Loan Conditions | |
| Total project budget is US$300 million. IREDA will contribute US$25 million and private developers are expected to provide US$140 million. The World Bank loans are a 20-year loan with 5-year grace period (US$80 million) and a 35-year interest-free loan with 10-year grace period (US$50 million). | |
| More information: | |
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http://www.worldbank.org/sarprojects/, or contact Ricardo Castro, SAREXT, The World Bank Group, MC8-833, 1818 H Street NW, Washington D.C. 20433, USA. Ph: +1 202 458 5157, fax: +1 202 522 0321, e-mail: rcastro3@worldbank.org. |
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| Published in Sustainable Energy News |
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Go back to main page of ISSUE #30 (683KB) 18 pages (2000-08-11) |
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