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Reliance Power to enter solar energy market with ADB help

Reliance Power’s entry into the solar power market has been given a US$48m boost by the Asian Development Bank (ADB). The multilateral funding agency will provide a long-term loan for the company’s solar energy project in Rajasthan.

ADB is providing a long-term loan of up to US$48m to finance the 40MW Dahanu Solar Power Project located at Jaisalmer in Rajasthan,” an official statement said.

Rajasthan has one of the highest levels of solar irradiation in India. “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, Director in ADB’s Private Sector Operations Department.

Output from the plan will be bought by Reliance Infrastructure Ltd under a long-term power purchase agreement and will be used to meet its renewable energy purchase obligations set by the country’s power regulators.

The project is expected to be completed by 2Q2012.

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