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Asian Development Bank is going to provide USD 1 billion loan to central transmission utility Power Grid Corp for the renewable energy transmission and grid expansion in India.
The company said in a statement that “ADB is to provide a USD 500 million government-backed loan and a further US 500 million in nonsovereign lending to India’s national transmission company, Power Grid Corporation of India Limited”.
The funds are going to be used to build and upgrade high voltage transmission lines and substations in Rajasthan and Punjab as part of the Indian government’s Green Energy Corridor initiative.
