PowerGrid negotiates $200-mn loan from ADB

Hyderabad: Power Grid Corporation of India is set to sign up for a $400-million credit line from the World Bank and is negotiating for another $200 million loan from Asian Development Bank, according to Mr I.C. Jaiswal, Executive Director.

Speaking to newspersons on the sidelines of a World Bank-Power Grid hosted meet on Environmental Safeguard Policies, Mr Jaiswal said that Power Grid has programmed for investment of Rs 55,000 crore or about $12 billion by the end of the XI Plan period.

“Of this, we expect to raise about 35 per cent of funds required from multilateral lending agencies like the World Bank and Asian Development Bank, with whom we have several engagements. Thus far, Power Grid has availed itself of $450 million loan in first tranche and another $400 million in second essay and signed up for another loan of $600 million earlier this year,” he said.

Mentioning about Rs 4,500-crore power evacuation gridline from the port city of Krishnapatnam in Andhra Pradesh, Mr Jaiswal said that this project, aimed at supply of power from Krishnapatnam ultra mega power plant and other projects, will be completed coinciding with the commissioning of UMPP. Developers have hinted at commissioning of the first unit by 2012.

Officials from the Power Grid and World Bank representatives were here to interact with stakeholders and discuss issues relating to environmental and social safeguards.

The Senior Environmental Specialist of World Bank, Mr Harvey Himberg, said that the bank has taken up a pilot project with Power Grid to chart out appropriate methodologies for environment and social safety.