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ADB, Fourth Partner Energy to build solar power plant
The power plant located in Tirunelveli district in Tamil Nadu is expected to generate about 50.7 gigawatt-hours of electricity annually.
The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited have entered into an agreement to obtain a long-term loan of up to INR 1.2 billion (about $14.7 million) to construct and
operate a 25-megawatt solar photovoltaic-based power plant in order to increase clean and low-cost energy supply to commercial and industrial customers. The power plant, located in Tirunelveli district in Tamil Nadu, is expected to generate about 50.7 gigawatt-hours of electricity annually and will directly sell power 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 (IPP), the bank's release said.
“Open access energy procurement can play an important role in businesses achieving their net zero emissions targets,” said General Suzanne Gaboury, ADB’s private sector operations department director. “Solutions like this are being spearheaded by ADB to promote renewable energy across the region. This is ADB’s first direct financing to a renewable energy plant of this nature and is expected to crowd in international commercial financing to further decarbonize the commercial and industrial sector”, Gaboury added.
“We are excited to add ADB to our esteemed list of green financiers as we move closer to our 3.5 GW renewable energy target by 2025. Fourth Partner is also constructing solar and wind parks across Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu,” said Vivek Subramanian, Fourth Partner Energy co-founder and executive director. “We see this project as the beginning of our long-standing partnership with ADB to deliver cleaner, affordable power to India’s commercial and industrial sector,” Subramanian added.
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. It has subsequently financed solar IPPs by assisting 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.
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