HomeInvestment & Trading ›World Bank Sanctions USD 200 Million to Expand Renewable Energy Production in Himachal Pradesh

World Bank Sanctions USD 200 Million to Expand Renewable Energy Production in Himachal Pradesh

This will share the state’s overall target of expanding 10,000 megawatts (10 gigawatts) of additional RE capacity to enable the state’s power supply greener.

June 28, 2023. By Nivedita Ojha

The World Bank’s Board of Executive Directors sanctioned a loan of USD 200 million to the Government of Himachal Pradesh to provide power sector reforms in the state and augment the contribution of renewable energy to the state’s electricity production.

This will share the state’s overall target of expanding 10,000 megawatts (10 gigawatts) of additional RE capacity to enable the state’s power supply greener.

The state Himachal Pradesh intents to become a ‘Green State’ by fulfilling 100 percent of its energy requirements through renewable and green power by 2030.

Himachal Pradesh presently fulfils over 80 percent of its energy requirements from hydropower.

The World Bank’s Himachal Pradesh Power Sector Development Program will support the state increase the use of its existing RE resources, comprising hydropower, and assist to diversify its RE resources further. For instance, it will expand 150 MW of solar capacity in the state, minimising greenhouse gas emissions by over 190,000 metric tons per year.

Auguste Tano Kouamé, the World Bank’s Country Director for India, stated, “The Program will boost local economic activity while replacing fossil-fuel based energy consumption with green energy”.

He further added, “Moreover, the Program will support HP to set up a single energy trading desk, thus enabling the sale of surplus hydropower to other states”.

The Program will aid to boost environmental, social, financial management, corporate governance, and procurement capabilities of the state’s power sector utilities and agencies.

The USD 200 million granted loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity for the tenure of 14.5 years comprising a grace period of 4.5 years.
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