CURRENT AFFAIRS : BANKING & FINANCE
Asian Development Bank & Fourth Partner Energy sign $14.7mn loan agreement to build solar power plant in Tamil Nadu
- The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (Fourth Partner) an Independent Power Producer (IPP) signed a long-term loan of up to 2 billion Indian rupees (about $14.7 million) to construct and operate a 25-megawatt solar photovoltaic-based power plant to increase clean and low-cost energy supply to commercial and industrial customers.
- The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 7 gigawatt-hours of electricity annually and will directly sell power to commercial and industrial users.
- This is ADB’s 1st direct financing to a renewable energy plant.
