ADB to invest $30 mn in NSL Renewable Power

Part of investment proceeds would be used for 100-Mw Tidong run-of-river hydro power project in Himachal Pradesh

NSL Renewable Power Private Limited has executed an agreement with the Asian Development Bank (ADB) for an equity investment of $30 million (Rs 162.66 crore) in the company.

A part of the investment proceeds would be used for its 100-Mw Tidong run-of-river hydro power project in Himachal Pradesh and the 75-Mw Chilarwadi wind project in Maharashtra, NSL said.

This is ADB’s first equity investment in a private sector renewable power generation company in India and the first private assistance to India’s hydro power sector.

The company had entered into an agreement for equity investment of about $60 million with a group of investors from Germany, France and Korea a couple of days ago.

It had raised a similar amount in 2011.