Home India Nod for German loan to set up energy plants
Nod for German loan to set up energy plants

Nod for German loan to set up energy plants

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Mumbai: The Maharashtra Cabinet on Thursday approved a proposal to grant a confirmation certificate for a loan of ₹146 crore from the German Development Bank to the Maharashtra State Electricity Transmission Company (MAHATRANSCO) to set up 27 wind energy plants in the State.

The plants will be set up under a Green Energy Corridor undertaken by the Union Ministry of New and Renewable Energy to develop power infrastructure in the country. MAHATRANSCO has already received permission to set up 27 projects in Maharashtra under this project.

The Cabinet has also approved a subsidiary agreement between the Finance Department, Power Department and MAHATRANSCO, which is an important document to sanction the confirmation certificate. Following the completion of the subsidiary agreement, a certificate will be issued.

The money will be spent on setting up 27 wind energy plants. “Out of the total expenditure, 40% will be funded by the German bank, 40% by the Centre and 20% by the State. (On Thursday) Maharashtra has given confirmation certificate to avail the loan,” said a senior official.

Source: thehindu
Anand Gupta Editor - EQ Int'l Media Network

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