ADB approves $190 mn loan for upgradation of Bengaluru power distribution system
Asian Development Bank (ADB) has approved a USD 190 million (over Rs 1,400 crore) loan for modernisation and upgradation of power distribution system in Karnataka’s capital city of Bengaluru.
“ADB has approved a combined sovereign and non-sovereign loan of USD 190 million to modernize and upgrade the power distribution system in Bengaluru city in the state of Karnataka, India,” ADB said in a release on Friday.
The funding for the Bengaluru Smart Energy Efficient Power Distribution Project by ADB includes a USD 100 million sovereign loan and a USD 90 million without sovereign guarantee loan to Bangalore Electricity Supply Company Limited (BESCOM).
BESCOM is one of five state-owned distribution utilities and the largest in Karnataka.
“Reliable and sustainable electricity distribution and service is an important aspect of India’s growth and development,” said ADB Principal Energy Specialist for South Asia Teruhisa Oi.
“We believe that this project will improve the efficient distribution and delivery of electricity supply to residents of Bengaluru and support the Government of India’s strategy of building an energy-efficient distribution network,” the official said.
