German state-owned bank KfW Group will spend 1 billion euros ($1.2 billion) to refurbish India’s electricity network for carrying more renewable energy from sources such as solar and wind.
KfW agreed to loan Power Grid Corp of India Ltd. 500 million euros to build new power lines and signed deals with India’s government for two loans totaling 125 million euros for grid projects in Rajasthan and Tamil Nadu, it said today in an e-mailed statement. The deals are part of a support package of 1 billion euros, it said.
“Demand for power in India is rising unremittingly,” said Norbert Kloppenburg, a KfW board member. “The expansion of transmission is the task of the moment because of the great potential of renewable energies.”
via India Power Lines to Get $1.2 Billion German Revamp With KfW – Businessweek.
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