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Asian Development Bank Invests in Indian Renewable Power Company

May 1 (Bloomberg) -- The Asian Development Bank agreed to invest $30 million in Indian clean-energy company NSL Renewable Power Private Ltd. for wind and hydropower in the country.

The unit of Hyderabad-based NSL Group will use the funds to partly fund construction of its 100 megawatt Tidong run-of-river hydro project in Himachal Pradesh and 75-megawatt Chilarewadi wind plant in Maharashtra, the bank said today in a statement.

The bank’s first equity investment in a private Indian renewable company will help NSL Renewable Power reach a goal of installing 1,000 megawatts of clean projects by 2017 from 185 megawatts at the end of last year, according to the statement.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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