ADB backs India's solar power ambitions

MANILA, Jan. 14 (UPI) -- The Asian Development Bank said Wednesday it was extending loans of up to $100 million to help India develop a solar power sector.

The bank said it would extend the loan to solar power developer ACME group, which is working with French renewable energy leaders to develop more than 350 megawatts of low-carbon energy options.

"Solar and other renewable power sources are essential for India's energy diversification and security, and for underpinning the country's long term growth," Isabelle Chauche, an investment specialist at the ADB, said in a statement. "ADB's support for ACME will help break down barriers for more private sector investment, including foreign direct investment, in clean energy infrastructure."

India rolled out a series of renewable energy plans during a weekend investment conference attended for foreign dignitaries, including U.S. Secretary of State John Kerry.

Indian conglomerate Adani Enterprises on the sidelines of the meeting signed a $4 billion solar agreement with a U.S. solar energy services company SunEdison to produce enough solar panels to develop a sustainable green power sector in India.

Adnan Chief Executive Officer Vneet S. Jaain said India aims to become the world leader in power generation from renewable energy technologies.

The ADB said it was backing developing of solar projects in the country with a capacity to avoid more than 250,000 tons of carbon dioxide that would otherwise have been emitted from fossil fuels.

As of September, the bank said India had a total installed solar power capacity of 2,766 megawatts. The country has a target of increasing that to 22,000 MW by 2022.