ADB, World Bank to support offshore wind energy projects

The Asian Development Bank (ADB) and World Bank have offered line of credit for offshore wind energy projects and for repurposing of power plants among others, the Union Power Ministry said on Sunday.

Addressing the media on the sidelines of the G20’s Energy Transition Working Group meeting here, Power Ministry Secretary Alok Kumar said three agencies were in touch with the two banks to discuss low-cost financing for the renewable energy projects, one of the six priorities outlined by India.

Answering questions about the mobilisation of Rs 2.4 lakh crore for India’s plan to have 500 GW of solar energy (installed capacity), the secretary said “some support” has been proposed from the two banks.

He said Power Finance Corporation (PFC) Limited, Rural Electrification Corporation (REC) Limited and Indian Renewable Energy Development Agency Limited (IREDA) were talking to the two banks, which made a presentation on the low-cost financing during the energy transition working group meeting.

The development came on the day when India showcased its carbon capturing pilot project in NTPC’s Vindhyachal plant. The initiative involves capturing CO2 up to 10 tonne per day and converting it into methanol with the help of green hydrogen. “CO2 capturing can be a pathway for transition as it will lead to a higher level of financing from the lenders,” Kumar added.

TERI to join G20’s R&D initiative

Kumar said that India’s The Energy Resource Institute (TERI) will join the RD20, an initiative of former G20 chair Japan to come up with research and development in the energy sector.

“They want to include an Indian entity in the alliance. TERI will join the RD20 and host the RD20 meet in 2024 in India,” he said.