Asian Development Bank (ADB) will offer a loan up to Rs 754 crore to SAEL Industries Ltd for setting up of biomass power plants in Rajasthan. The lender and SAEL have entered into a loan agreement, according to a release on Friday.
SAEL is a solar and agricultural waste-to-energy
company. It has developed a business model where crop residues are used as fuel in waste-to-energy projects.
The firm aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually.
"ADB's support will fund the construction of five biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan," SAEL said in the release.
The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region. Despite the region's many successes, it remains home to a large share of the world's poor: 263 million living on less than $1.90 a day and 1.1 billion on less than $3.20 a day.
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