ADB commits USD 434.25 million loan for solar facility in Assam

New Delhi: The Asian Development Bank (ADB) has approved a USD 434.25 million loan to enhance renewable energy capacity and boost energy security in Assam. ADB stated on Friday that it is essential to tackle the lack of renewable energy capacity in Assam in order to satisfy increasing demand and decrease reliance on fossil fuels. According to a statement issued by the company, this initiative will assist Assam in creating a plan for renewable energy and expanding its solar energy capabilities to reach the goal of 3,000 megawatts (MW) by 2030.

Assam Solar Project: 500 MW Facility and Battery Storage System to Boost Renewable Energy and Grid Stability.500 MW Facility and Battery Storage System to Boost Renewable Energy, Grid Stability

The Assam Solar Project plans to build a 500 MW grid-connected solar PV facility in Karbi Anglong district along with a grid-connected battery energy storage system to maintain grid stability and meet peak power demand. The storage system is being set up by a partnership between APDCL and ONGC. 

The statement further states that Tripura Power Company Ltd. ADB will enhance the state's PPP framework and ability to oversee renewable energy projects to bring in more private sector investments into renewable energy. It also suggests that the project will assist in forming a PPP agreement for the construction of a new 250 MW solar PV facility in the Karbi Anglong district.

Moreover, the project will enhance the electricity distribution in the solar PV facility and nearby rural areas by swapping overhead power distribution lines with aerial covered conductor cable and setting up new distribution transformers. ADB will offer a $1 million technical assistance grant from its Clean Energy Fund through the Clean Energy Financing Partnership Facility to aid project implementation, raise awareness, and strengthen the capacity of APDCL and nearby communities, the company has announced.

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ADB is dedicated to attaining a thriving, diverse, robust, and enduring Asia and the Pacific, while continuing its work to eliminate extreme poverty. Established in 1966, the ownership of 69 members includes 49 from the region.