The Asian Development Bank (ADB) announced on Thursday the approval of $434.3 million (EUR 401.5 million) in debt financing for the construction of a 500-MW solar park in Assam, northeastern India.
The grid-connected photovoltaic (PV) farm will be located in the Karbi Anglong district and will feature a battery storage facility designed to store electricity for use during peak demand periods.
This project aligns with Assam's objective of achieving 3 GW of installed PV capacity by 2030 and aims to enhance electricity distribution in the area and surrounding rural regions by replacing existing overhead power distribution lines with aerial covered conductor cables.
In addition to the solar park, the project will facilitate a public-private partnership (PPP) for establishing an additional 250-MW solar plant in Karbi Anglong.
The energy storage component will be developed through a joint venture between Assam Power Distribution Company Limited (APDCL) and Oil and Natural Gas Corporation (ONGC) Tripura Power Company Ltd.
