The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (Fourth Partner) signed a long-term loan of up to 1,200 million Indian rupees (approximately US$14.7 million) to build and operate a solar photovoltaic power station of 25 megawatts designed to increase the supply of clean and low-cost energy to commercial and industrial customers.
The plant, located in the Tirunelveli district of the Indian state of Tamil Nadu, is expected to generate some 50.7 gigawatt-hours of electricity per year and sell power directly to commercial and industrial users.
India’s progressive open access renewable energy policy allows a group of consumers to purchase electricity directly from an independent power producer.
“Open access energy procurement can play an important role in helping companies achieve their net-zero emissions targets,” said Suzanne Gaboury, Director General of ADB’s Private Sector Operations Department.
“ADB is driving solutions like this to promote renewable energy throughout the region. This is the first direct ADB funding for a renewable power plant of this nature and is expected to attract international commercial funding to further decarbonise the commercial and industrial sector.”
Thanks to the plant, around 41,700 tons of carbon dioxide emissions per year will be avoided, which otherwise would have been generated by conventional fossil fuel plants.
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“We are delighted to add ADB to our esteemed list of green funders as we approach our goal of 3.5 GW of renewable energy by 2025. Fourth Partner is also building solar and wind farms in Ottapidaram, Tuticorin and Nandikundu, in Tamil Nadu,” said Vivek Subramanian, co-founder and CEO of Fourth Partner Energy.
“We see this project as the beginning of our longstanding collaboration with the ADB to supply cleaner and more affordable energy to India’s commercial and industrial sector.”
The ADB has supported the development of renewable energy in India since 2007, when it financed the first set of wind projects under the IPP model. Subsequently, the ADB has funded solar IPPs helping projects under the National Solar Mission and various state policies.
Fourth Partner is India’s leading renewable energy solutions platform, focused on building and financing renewable energy projects for commercial and industrial consumers.
It offers comprehensive capabilities including assessment, design, planning, procurement, construction, operation, maintenance, and financing of critical solar, wind, and battery storage infrastructure.
Source: https://reporteasia.com/negocios/2023/08/30/el-adb-y-fourth-partner-energy-construiran-una-central-solar-en-la-india-que-abastecera-al-sector-comercial-e-industrial/
