WB Loans $200 Million to HP to Add 10 GW of Renewables

In order to help the Indian state of Himachal Pradesh reach its goal of introducing new reforms in its power sector and adding 10 GW of extra renewable energy capacity, the World Bank's Board of Executive Directors granted a loan of $200 million to the government of the state. The state government would be assisted in increasing the percentage of renewable energy sources in its energy generation by the loan provided under the World Bank's Himachal Pradesh Power Sector Development Programme. According to a statement from the World Bank, the investment will serve as a model for India's power market in terms of financing fresh investments in renewable energy. The loan will have a 14.5-year total maturity, including a 4.5-year grace period.