Power Grid raises one billion dollars through loans

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New Delhi, Mar 31 (UNI) Power Grid Corporation has raised close to one billion dollars via loans from Asian Development Bank (ADB) and The World Bank.

The company has signed an agreement with the World Bank for 600 million dollars, which will be utilised to fund a basket of transmission projects during the 11th Plan, it said in a statement.

Under the loan assistance, Power Grid shall implement HVDC terminal stations at Balia in Uttar Pradesh and Bhiwadi in Rajasthan along with inter-regional and grid strengthening schemes for formation of strong and vibrant National Grid.

It has also signed a loan agreement with ADB, Manila for 400 million dollars , which is a part of ADB's newly introduced loan facility called Multi-tranche Financing Facility (MFF), based on time-sliced approach, it added.

Powergrid has earlier availed loans from the World Bank for about 1.7 billion dollars for various transmission projects.

The Ministry of Power has set an ambitious task of providing power to all by 2012 and massive resources are required to carry out the expansion plan and meet the targets.

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