The World Bank aims to help address India’s chronic power shortage with a $648 million loan for the construction of a hydropower plant on the country’s Alaknanda River.
The 444-megawatt Vishnugad Pipalkoti Hydroelectric Plant is expected to generate an additional 1.65 billion kilowatt-hours of electricity annually for India’s northern states as well as help reduce the country’s greenhouse gas emissions by up to 1.6 million tons every year.
The loan, which will be drawn from the International Bank for Reconstruction and Development, will be provided to THDC India Ltd., which is in charge of the construction of the power plant. As part of this project, the company will build a 65-meter diversion dam to create a small reservoir in Alaknanda River, the World Bank said in a June 30 news release.
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders – emailed to you FREE every business day.