Renewable Energy: World Bank Will Give Rs 1,600 Crore For Renewable Energy Projects In Himachal World Bank
Keeping in mind the future plans in renewable energy, a financial loan amount of Rs. 1600 crore has been approved by the World Bank for all new renewable energy projects in Himachal Pradesh.The Government of Himachal Pradesh has also set a target of additional production of ten thousand megawatts of electricity from all types of renewable energy sources in the entire electricity supply of the state of Himachal Pradesh with the financial amount of Rs. sixteen hundred crores provided by the World Bank.
Renewable Energy: World Bank Will Give Rs 1,600 Crore For Renewable Energy Projects In Himachal World Bank
Diary Times Bureau, Shimla/New Delhi
Highlights
Shimla- Keeping in mind the future plans in renewable energy, a financial loan amount of Rs. 1600 crore has been approved by the World Bank for all new renewable energy projects in Himachal Pradesh.
The Government of Himachal Pradesh has also set a target of additional production of ten thousand megawatts of electricity from all types of renewable energy sources in the entire electricity supply of the state of Himachal Pradesh with the financial amount of Rs. sixteen hundred crores provided by the World Bank.
World Bank approved an amount of sixteen hundred crore rupees for renewable energy projects –
The Government of India, the Government of Himachal Pradesh and the World Bank on Tuesday jointly signed renewable energy projects worth Rs 1600 crore (two hundred million US dollars) to promote renewable energy projects in the state of Himachal Pradesh.
With the financial loan amount of Rs 1600 crore given by the World Bank, an overall target has been set to produce ten thousand megawatt additional power from all renewable energy sources in the power supply of Himachal Pradesh state.
The loan amount provided by the World Bank will strengthen the network of all types of power projects in Himachal Pradesh.
On the other hand, the capacity of solar energy will also increase by 150 MW.
This important proposal was approved in the meeting organized by the World Bank team at Himachal Pradesh State Secretariat on August 2022.
The most important target has been set by the Government of Himachal Pradesh to make Himachal Pradesh a green state by the year 2030 by achieving 100 percent renewable energy and from green energy sources.
Also, at present 80 percent renewable energy has been approved for all hydropower projects.
The maturity period for repayment of this loan, which is approved by the World Bank on behalf of the International Bank for Reconstruction and Development (IBRD), has been kept at fourteen and a half years, under which a grace period of four and a half years is included.
With this loan assistance amount, a target has been set by the World Bank to increase the capacity of solar energy by 150 MW in the state of Himachal Pradesh.
Due to which all greenhouse gas emissions in Himachal Pradesh will be reduced by more than one lakh ninety thousand metric tons every year.
After the signing of all the renewable energy projects, World Bank Chief Director for India, August Tano Kouame, said that the use of green energy in place of all fossil fuel-based energy consumption will boost all local economic activities. There will be continued active bullishness on all renewable energy projects in himachal pradesh.
Also, Himachal Pradesh will be in a position to sell excess hydropower to all other states.
Also, the increase in renewable energy projects will also provide special options for the Indian market to garner all new types of investments.
The World Bank has set a target of spending Rs 1600 crore and the Government of Himachal Pradesh has set a target of spending Rs 400 crore for the five-year project in Himachal Pradesh.
Under the overall program of renewable energy projects in Himachal Pradesh, the responsibility of power network will also increase from Power Transmission Corporation and Himachal Pradesh Electricity Board.
In Himachal Pradesh, production of 150 MW solar energy will be provided by Power Corporation and Him Energy.
A thorough study of the environmental and social damage caused by the establishment of all renewable energy projects in Himachal Pradesh will also be done and all reports will be prepared to make improvements.
Himachal Pradesh will also be upgraded as Himachal Pradesh State Load Despatch Center for purchase and sale of electricity.
Solar energy, wind energy, hydroelectric energy, energy obtained from tides, biogas plants and biofuels are called important sources of renewable energy.
Under the programs for renewable energy projects in Himachal Pradesh, emphasis will be laid on not starting any new type of hydro power project.
Besides, all the renewable energy projects already running in Himachal Pradesh will be strengthened.
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