The Asian Development Bank (ADB) is to invest $30M in Indian renewable energy company NSL Renewable Power Private Ltd (NRPPL) to support the development of hydropower and wind power projects.
ADB's investment will help NRPPL reach its target of 1000MW of operational renewable energy assets by 2017. NRPPL will use the investment proceeds to partially finance the construction of the 100MW Tidong run-of-river hydropower project in Himachal Pradesh, and the 75MW Chilarewadi wind project in Maharashtra.
This is ADB's first equity investment in a private sector renewable power generation company in India and ADB's first private sector assistance to India's hydropower sector.
NRPPL is one of India's leading renewable power companies. The company belongs to the NSL group, which includes Nuziveedu Seeds Limited, the largest seed company in India. As of end 2012, NRPPL had 185MW of operational projects (including hydro, wind, biomass and solar power projects), with an additional 336MW of renewable power under construction or in advanced development.
