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ADB, India Sign $451 Million Loan To Strengthen Power Connectivity In Tamil Nadu

Capital Market 

The Asian Development Bank (ADB) and the Government of India today signed a $451 million loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC), which is part of the East Coast Economic Corridor (ECEC), in Tamil Nadu. ADB is the lead partner of the Government of India for developing ECEC.

The project is expected to help Government of Tamil Nadu meet the increasing demand for power supply from industry and commercial enterprises in the State through transfer of power from new generation facilities, including renewable energy, in the southern CKIC to the industrial hubs in the state's northern region.

The state government has identified quality infrastructure including a reliable power supply as a key prerequisite for its further economic development. The state is aiming to develop the northern Chennai-Tiruchirappalli area of CKIC as a manufacturing center while targeting the relatively poor southern Madurai-Thoothukudi portion for the development of renewable energy-based power generation because of the availability of wind and solar resources.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members49 from the region.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 09:33 IST