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 firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com