ADB to lend India $500 million for renewable energy project

Reuters

NEW DELHI (Reuters) - The Asian Development Bank will provide a $500 million loan to build a transmission system for solar and wind energy in western India, the bank said on Friday, a day after it announced a $400 million package for a water and sanitation program in the eastern part of the country.

The loans from the Manila-based bank come at a time when India is looking to boost dollar inflows to prop up the sagging rupee.

"Boosting renewable energy is important for Rajasthan and India to meet fast-growing energy needs in a way that is kind to the environment while also improving the country's energy security by reducing reliance on imported fossil fuels," said Len George, energy specialist in ADB's South Asia Department.

(Reporting by Krishna N Das; Editing by Sanjeev Miglani)

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