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4 April 2006 - After discussions held earlier this week with the Indian government, the Asian Development Bank has agreed to provide up to $300m to help develop hydropower projects in the state of Uttaranchal.
The state has an untapped hydropower capacity estimated to be around 20 000 MW and the Indian government is aiming to develop projects and infrastructure that make use of it in order for the state to use and export energy generated from cleaner sources.
In order for the government's plans for the state's hydropower sources to be met, around $12bn of investment is required over the next 12 years, a figure that is far greater than that raised so far.
Dan Millison, a senior energy specialist for the ADB said: "While ADB support represents a relatively small share of the total funding needs, ADB's presence as a partner brings down the total cost of funds and helps attract other long term financiers to the sector."
India is striving to generate energy from cleaner sources as it attempts to tackle its emissions problems.
The country today became the first country to participate on the US government's steering committee for the Department of Energy's FutureGen project.
As a partner in the initiative to build and operate the world's first coal based power plant that removes and sequesters carbon dioxide while it produces electricity and hydrogen, the Indian government will contribute $10m and see Indian companies invited to take part in the private sector activities.
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