The Asian Development Bank has decided to provide a $500 million loan for the development of a transmission system for evacuation of renewable energy projects such as solar and wind energy in western India.
The loans from the Manila-based bank come at a time when India is looking to boost dollar inflows to prop up the sagging rupee.
As said by the ADB, boosting of renewable energy projects for Rajasthan and other parts of India is a way to meet fast growing energy needs in an environment friendly manner and also improve the country's energy security by reducing reliance on imported fossil fuels.
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