ADB lends 450 million USD for Indian power project

27/04/2008 -- 9:51 PM

Hanoi (VNA) - The Asian Development Bank (ADB) has approved a loan amounting to 450 USD million to build a 4,000-megawatt power plant in India. The Manila-based bank said on its website that it executed the loan agreement with the Coastal Gujarat Power Limited (CGPL), a wholly owned subsidiary of the Tata Power Company Limited which is the largest private power utility in India. CGPL is to build, own and operate the Mundra Ultra Mega Power Project in the western state of Gujarat, the bank said. According to the ADB, the power plant would use technology that improves the conversion efficiency of fuel to electric power to 44 percent compared with 34-36 percent for conventional coal-fired power plants. Ultra mega power projects were launched by the Indian government to achieve rapid electricity generation capacity additions and competitive tariffs through economies of scale.-Enditem
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