MoP seeks $500 million loan from ADB for solar power projects

The Ministry of Power has sought a $500 million loan from the Asian Infrastructure Investment Bank (AIIB) for the development of solar power projects in the country. The interest on the loan is likely to be 2-2.5 per cent and would be linked to the London Interbank Offered Rate (Libor) for a term of over 15 years. In a separate development, the Asian Development Bank (ADB) and the United States Agency for International Development (USAID) have signed an MoU to collaborate on supporting India’s ambitious expansion plans for clean energy infrastructure. As per the agreement, USAID will align the components of its technical assistance with ADB’s current and planned investment in renewable energy.

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