ADB, Partners Invest in India's Renewable Energy Sector

Solar panels. The Asian Development Bank has signed an agreement with two power companies in India and Japan to develop renewable energy projects in India. Photo by: pgegreenenergy / CC BY pgegreenenergyCC BY

The Asian Development Bank and two power companies in India and Japan have signed an agreement to develop and operate a series of renewable energy projects in India over the next three years.

ADB will invest USD40 million for a 25 percent stake in the joint venture while India’s NTPC will own 50 percent, with Japan’s Kyushu Electric Power holding the remaining 25 percent. The joint venture will be designed to generate up to 500 megawatts of renewable energy. It is expected to help India reach its goal of reducing its dependence on fossil fuels and improve its energy security. The joint venture will also help reduce the country’s green house gas emissions.

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    Ivy Mungcal

    As senior staff writer, Ivy Mungcal contributes to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.