ADB commits $434.25 million loan to improve energy security in Assam

The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam. Addressing the renewable energy capacity shortage in Assam is crucial to meet growing demand and reduce dependency on fossil fuels, ADB said in a statement on Friday. This project will help Assam develop a renewable energy road map and increase its solar energy capacity to achieve its target of 3,000 megawatts (MW) by 2030, it said. The Assam Solar Project will construct a grid-connected solar photovoltaic (PV) facility in Karbi Anglong district with a capacity of 500 MW, it said, adding the project will support the development of a grid-connected battery energy storage system to ensure grid stability and meet peak power demand. This storage system will be established through a joint venture between the Assam Power Distribution Company Limited (APDCL) and the Oil and Natural Gas Corporation Ltd. Tripura Power Comp