| Project Detail |
The NDB loan proceeds to REC will be used to finance construction of renewable energy power plants and associated evacuation transmission lines (sub-projects). Eligible expenditures will include goods, works and services.
- Environmental and Social Aspects
The positive impacts of the Project include: (i) reduced coal consumption of about 488,292 tons annually; (ii) reduced carbon emission of about 986,667 tons annually and a considerable amount of other hazardous emissions including SO2, NOx, etc; (iii) increased transmission capacity for evacuation of renewable energy; (iv) increased power generation capacity from renewable energy sources with electricity generation of about 1,600 GWh annually; (v) enhanced energy mix and greener footprint of India’s power sector.
The Project is Category “FI-B” in line with NDB’s Environment and Social Framework (ESF) as funding will be to a FI, and proposed renewable energy projects including power evacuation infrastructure will have moderate adverse E&S impacts that would be site-specific and mostly reversible. All sub-projects will have project appraisal, screening, and supervision in line with policies of REC and will be required to comply with the Indian E&S regulations.
- Financials
The total cost of the Project is estimated to be USD 426.83 million. NDB will finance USD 300 million. The remaining balance will be financed by counterpart funds.
FINANCIER AMOUNT (USD MILLION)
New Development Bank 300
Counterpart Funds 126.83
- Implementation
The Project is to be implemented over two years. REC will be the Project Implementation Agency. Procurement will be conducted in compliance with the national law and regulations, and meet the core principles of NDB’s policy. |
