German development fund KfW Entwicklungsbank has signed a reduced-interest loan of €25 million to help fund a 125MW solar plant in the state of Maharashtra in India.
The total cost of developing the plant is expected to be €370 million, which can be further upgraded by adding more 25MW in near future. The developer of the state-run project Mahagenco is expected to stump up the remaining finance. Mahagenco expects the system to be connected to the grid in March 2012.
‘India will have to play a key role in global climate protection because of its fast, energy-intensive growth. By financing this strategic investment in renewable energies KfW Entwicklungsbank is making a significant contribution to combating climate change and implementing the energy turnaround in India,’ said KfW executive board member Norbert Kloppenburg.
The total cost of developing the plant is expected to be €370 million, which can be further upgraded by adding more 25MW in near future. The developer of the state-run project Mahagenco is expected to stump up the remaining finance. Mahagenco expects the system to be connected to the grid in March 2012.
‘India will have to play a key role in global climate protection because of its fast, energy-intensive growth. By financing this strategic investment in renewable energies KfW Entwicklungsbank is making a significant contribution to combating climate change and implementing the energy turnaround in India,’ said KfW executive board member Norbert Kloppenburg.