ADB to Provide Loan to Fourth Partner Worth INR 1.2 Billion for Solar Power Plant in India
The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50.7 GWh of electricity annually and will directly sell power to commercial and industrial users.
August 28, 2023. By EI News Network
The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50.7 GWh of electricity annually and will directly sell power to commercial and industrial users. India’s progressive open-access renewable energy policy allows a group of consumers to purchase electricity directly from an Independent Power Producer (IPP).
Suzanne Gaboury, ADB’s Private Sector Operations Department Director General, stated, “Open access energy procurement can play an important role in businesses achieving their net zero emissions targets.”
She added, “Solutions like this are being spearheaded by ADB to promote renewable energy across the region. This is ADB’s first direct financing to a renewable energy plant of this nature and is expected to crowd in international commercial financing to further decarbonize the commercial and industrial sector”.
Nearly 41,700 tons of carbon dioxide emissions a year will be avoided through the plant, which would otherwise have been generated by conventional fossil fuel plants.
Vivek Subramanian, Fourth Partner Energy Co-Founder and Executive Director, said, “We are excited to add ADB to our esteemed list of green financiers as we move closer to our 3.5 GW renewable energy target by 2025. Fourth Partner is also constructing solar and wind parks across Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu."
He further said, “We see this project as the beginning of our long-standing partnership with ADB to deliver cleaner, affordable power to India’s commercial and industrial sector."
ADB has supported the development of renewable energy in India since 2007 when it financed the first set of wind projects under the IPP model. ADB has subsequently financed solar IPPs by assisting projects under the National Solar Mission and various state policies.
Fourth Partner is India’s leading renewable energy solutions platform, focused on building and financing renewable energy projects for commercial and industrial consumers. It offers end-to-end capabilities including evaluation, design, planning, procurement, construction, operation, maintenance, and financing of critical solar, wind, and battery storage infrastructure.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members—49 from the region.
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