ADB Backs 75MW Wind Farm in Maharashtra

The Asian Development Bank (ADB) has made a $30m equity investment in NSL Renewable Power to help it develop a 75MW wind farm and other clean-energy projects in India. NSL Renewable, a unit of conglomerate NSL Group, will use the funds to develop the 75MW Chilarewadi wind farm near the city of Pune, in the Indian state of Maharashtra.

It is also planning a 100MW hydropower project in the northern state of Himachal Pradesh. Earlier this week, Hyderabad-based NSL Renewable signed $60m worth of agreements with a group of international investors, including South Korean private-equity fund Asian Clean Energy and GS Power, a utility based near Seoul. The investment will help NSL Renewable more than double its capacity in the next year and a half, according to an NSL Group.