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$600 million World Bank loan for Power Grid

NEW DELHI - Mar 28 -- The Times of India

State-owned transmission utility Power Grid Corporation has secured a $600 million loan from World Bank to fund strengthening of its network to increasing reliability of power exchange between regions and states.

The money will be used to put in place systems to reduce transmission losses and also contribute to the clean energy initiative through both the ability to transfer surplus hydro energy to power deficit regions in India and relieve some of the pressure to build generation facilities, particularly in and around the major consumption centers. 

The bank has made three direct loans to Power Grid since 1993. During this period, the company has tripled its transmission network, its assets have grown more than eight-fold to $7.3 billion, and revenues have increased more than six times to over $1 billion.

The latest loan will finance the strengthening of five transmission schemes: East-West Transmission Corridor, Western Region System Strengthening Scheme II, Eastern Region System Strengthening Scheme I, Balia-Bhiwadi HVDC Bipole System and North-West Transmission Corridor.

The bank's partnership with Power Grid represents a sound and replicable model for engagement with middle-income countries, said Pedro Sanchez, World Bank senior energy specialist and team leader for the project. "The Bank has assisted Power Grid to achieve world-class operations and management by financing $2.37 billion of its investment program," Sanchez added.


Updated: 2016/06/30

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