World Bank approves USD 200 mln loan to increase Himachal's green energy capacity
Jun 28, 2023
New Delhi [India], June 28 : The World Bank has approved USD 200 million in loans for Himachal Pradesh to facilitate power sector reforms in the state, besides increasing the share of renewable energy generation.
The loan will have a final maturity of 14.5 years including a grace period of 4.5 years.
In a release on Wednesday, World Bank said the funding would help the state add 10,000 megawatts (10 gigawatts) of additional renewable energy capacity.
Himachal Pradesh aims to become a 'Green State' by meeting 100 per cent of its energy needs through renewable and green energy by 2030.
The state currently meets more than 80 per cent of its energy demands from hydropower.
"The Program will boost local economic activity while replacing fossil-fuel-based energy consumption with green energy," said Auguste Tano Kouame, the World Bank's Country Director for India.
"Moreover, the Program will support HP (Himachal Pradesh) to set up a single energy trading desk, thus enabling the sale of surplus hydropower to other states," said Kouame.
Moreover, Himachal Pradesh power firms will train around 700 female apprentices throughout the lifespan of the program, giving them hands-on exposure and training in technical roles within the power sector.
"The Program will promote good and sustainable practices within the power utilities in the state to transition them to run a green and low carbon electricity system," said Surbhi Goyal and Pyush Dogra, team leaders for the Program.
"This shall contribute towards the state's goal to be one of the first 'Green State' in the country," they added.
