India will see 500 MW of renewable energy projects over the next three years thanks to a JV signed with the Asian Development Bank (ADB).
A statement released said ADB would invest $40 million to take a 25% stake in the company, along with India’s NTPC Ltd (50%) and Japan’s Kyushu Electric Power Company (25%). The bank aimed to invest $2 billion a year in renewable energy and energy efficiency projects in Asia and the Pacific.
“The new JV company will help India achieve its goal of reducing the country’s dependence on fossil fuels, will cut greenhouse gas emissions and will improve its energy security,” said Michael Barrow, Director in ADB’s Private Sector Operations Department (PSOD). “We hope this company will also provide an example to other foreign investors looking at India’s renewable energy sector.”
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