The Asian Development Bank (ADB) has awarded Reliance Power a US$48 million loan for its 40MW Dahanu Solar Power Project located in Jaisalmer, India.
The is the second major development bank loan Reliance Power has received – in August the US Export-Import Bank awarded it an US$84.3 million loan to buy thin-film panels from First Solar – and takes it a step closer to securing the US$147 million required to install the project. Building work will finish in Q2 2012.
Reliance Infrastructure has signed a long-term power purchase agreement for the electricity generated by Dahanu, helping fulfil the renewable purchase obligations set by electricity regulators and providing for households throughout Mumbai.
“India's solar energy potential is one of the highest in the world and this plant will help kick-start large-scale, private-sector solar electricity generation in the country,” said Michael Barrow, the director of ADB's private sector operations department.