PGCIL Secures $500 Million from ADB to Develop the Green Energy Transmission Corridor

The Asian Development Bank (ADB) is providing a $500 million (~Rs.33.4 billion) loan to Power Grid Corporation of India (PGCIL) for the development of Green Energy Corridor, according to a PGCIL BSE filing.

Initially, the PGCIL was expecting a loan of up to $1 billion (~Rs.67 billion) from ADB for the Green Energy Transmission Corridor, stated a source at PGCIL.

These funds will help PGCIL develop the Raigarh-Pugalur 6,000 MW High Voltage Direct Current (HVDC) system and Pugalur-Trichur 2,000 MW VSC based HVDC system associated with HVDC bipole link between the western and southern regions.

Mercom had previously reported that PGCIL received a €500 million (~$527 million) soft loan from KfW of Germany, also for the development of the Green Energy Corridor.

 

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