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Business ADB loan for hydropower in Himachal Pradesh
Himachal Pradesh will soon get another tranche of a multimillion-dollar loan from the Asian Development Bank (ADB) for the construction of four hydropower generating plants in the northern Indian state, a senior official said here Sunday. ADB would soon release the second instalment of $59.1 million under the Himachal Pradesh Clean Energy Development Investment Programme. An agreement to this regard was signed in New Delhi Friday, Himachal Pradesh Power Corporation (HPPCL) Managing Director Tarun Kapoor told IANS in an interview. He said the second tranche was part of the ADBs sanctioned loan of $800 million. Earlier, the lender bank had sanctioned $150 million to HPPCL. The projects being financed are Sawara-Kuddu (111 MW) in Shimla district, Kashang (195 MW) and Shongtong-Karchham (402 MW) in Kinnaur district and Sainj (100 MW) in Kullu district. The total estimated cost of these projects is $1.5 billion. The ADB is releasing the loan in the form of a multi-tranche financing facility, which means the instalment is released on the basis of progress of the projects, Kapoor said. The loan has a 25-year repayment period. According to Kapoor, construction work on all the projects has been started and these are likely to be executed by early 2015. Besides these four projects, HPPCL has three other mega projects in hand, including the Rs.27-billion (Rs.2,700-crore) Renuka Dam project in Sirmaur district that will provide drinking water to Delhi and generate 40 MW power for the hill state. The government has begun acquiring private land for construction of the Renuka dam. Himachal Pradesh has abundant water resources, with five major rivers flowing from the western Himalayas. It has a power potential of about 23,000 MW. About 6,480 MW has been harnessed till now by the central and state governments, private players and joint venture companies. In the coming fiscal, the state government proposes to add more than 600 MW with the commissioning of Allain Duhangan, Malana II, Budhil, Chamera III and some other small projects. vg/pb/tb ( 340 Words) 2010-03-14-13:54:44 (IANS)
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