ADB to invest $30 mn in NSL's hydropower project

Last Updated: Wed, May 01, 2013 12:10 hrs

New Delhi, May 1 (IANS) The Asian Development Bank (ADB) Wednesday announced $30 million equity investment in a hydropower project developed by Hyderabad-based NSL Group.

This is ADB's first equity investment in India in any private sector renewable power generation company.

The money will be used to partially finance the construction NSL Group's 100-megawatt Tidong run-of-river hydropower project in Himachal Pradesh and the 75-megawatt Chilarwadi wind project in Maharashtra.

ADB and NSL announced the deal at press conference here.

"We feel privileged to be the recipient of ADB's first equity investment in renewable energy space in the Private Sector in India. ADB and other like-minded development institutions commitment to renewal energy industry will give a fillip to the development of clean energy industry in the country," said M. Prabhakar Rao, chairman, NSL Group.

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