World Bank to provide $648m loan for 444MW hydropower project in India
The World Bank has signed an agreement with THDC India to provide a $648m loan for construction of a 444MW hydropower project in the Indian state of Uttarakhand.
The Vishnugad Pipalkoti hydroelectric project on the Alaknanda River is expected to generate an estimated 1,665 million kWh of electricity per year.
The loan will be used to build a 65m diversion dam in Chamoli district of Uttarakhand, a 13.4km headrace tunnel to carry the water to an underground powerhouse near Haat village to generate the power, and a 3km tailrace tunnel that will take all the diverted water back to the river.
The power project will help reduce India's greenhouse gas emissions by approximately 1.6 million tons per year.
World Bank country director Roberto Zagha said a part of the bank loan to THDC will help support the company's capacity-building program that seeks to bolster its core technical staff and develop new competencies in the areas of social and environmental management at the project and corporate levels.