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Power
Grid, World Bank sign up for US$ 600 mn Loan
New Delhi/ March 28, 2008
Power Grid signed a loan agreement with
The World Bank for USD 600 Million on March 28, 2008. Loan
Agreement has been signed by Dr. R.P. Singh, Chairman and
Managing Director, POWERGRID and Ms. Isabel M. Guerrero,
Country Director, India, The World Bank, in the presence of
officials from Ministry of Finance and Ministry of Power.
Government of India has extended guarantee for this loan.
The loan will be utilized to fund a
basket of POWERGRID’s transmission projects during XI plan,
which shall strengthen the transmission system in the power
deficits regions of India and also enhance the inter-regional
power transmission capacity in the country. Under the loan
assistance, POWERGRID shall implement HVDC terminal stations
at Balia in Uttar Pradesh and Bhiwadi in Rajasthan alongwith
inter-regional and grid strengthening schemes for formation of
strong and vibrant National Grid.
POWERGRID, which is responsible for
developing and operating Regional and National Transmission
Grid, spanning across the length and breadth of the country,
has a long association with The World Bank. POWERGRID has
earlier availed loans from The World Bank for about USD 1.7
billion for various transmission projects.
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