ADB to invest USD 50 million more to boost power sector in Assam
New Delhi, Feb 21 (KNN) The Asian Development Bank (ADB) is investing loan of USD million more for the second Assam Power Sector Investment Program which aims to build up the capacity of power generation and distribution systems to meet the growing energy demand in the state. The first share loan of the USD 300 million financing facility will fund generation capacity enhancement and distribution efficiency improvement sub-projects in the state.
Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, Tarun Bajaj on behalf of Government of India and Country Director of ADB’s India Resident Mission, Teresa Kho signed the loan agreement here on Friday.
Bajaj said that more than a third of households in Assam face daily electricity cuts of 5 to 6 hours, many important businesses, such as the tea gardens, still aren’t connected to the grid. The state has to buy up to 15 per cent of its power from independent producers at very high cost.
The project will finance investments to augment and improve generation capacity through the replacement of an inefficient generating plant and construction of new hydropower plant, he added.
Kho said ADB has supported Assam’s power sector since 2003 with five loans totalling USD 450 million, which have helped the state enact key reforms and improve transmission and distribution systems. The new loan will further support the state to increase capacity and efficiency of power generation to meet growing local and national demand.
The project agreements were signed by Additional Chief Secretary (Power) V B Pyarelal on behalf of the Government of Assam and Chairman, Assam Power Generation Company Limited (APGCL) K V Eapen.
The project is expected to be completed by 31 December 2018. (KNN/ST)
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