Correct Answer : Asian Development Bank
Multilateral funding agency Asian Development Bank (ADB) on Monday (10th April 2023) said it proposes to subscribe non-convertible debentures worth Rs 150 crore of Tata Power Delhi Distribution Ltd (TPDDL).
* To enhance Delhi’s power distribution through grid enhancements. Besides, Asian Development Bank (ADB) agreed to provide $2 million grant to partially finance the purchase and integration of a pilot battery energy storage system (BESS), a statement by Manila-based funding institution said.
* The senior secured financing will be used to commission a new 66/11-kilovolt grid, augment and expand transformers, substations, feeder lines, and switching stations, install smart meters, and replace obsolete electrical equipment and meters, it said.
* The 10-megawatt-hour (MWh) BESS is South Asia’s first grid-scaled energy storage project at the distribution transformer level.
* It will enable electricity to be stored and delivered on demand, reducing grid instability, and providing the flexibility to integrate intermittent solar and wind energy resources, it said. The grant to finance the BESS is provided by Goldman Sachs and Bloomberg Philanthropies’ Climate Innovation and Development Fund (CIDF) and administered by ADB, it added...
Source : Outlook India
