The International Bank for Reconstruction and Development (IBRD) has approved a loan of US$135 million to West Bengal to improve the operational efficiency and reliability of power supply in specific areas of the state. The International Bank for Reconstruction and Development and its concessional lending institution, the International Development Association (IDA), are also collectively referred to as the World Bank.
Variable spread loans or floating interest loans have a term of 17 years, including a 7-year grace period, which aims to strengthen the distribution network, invest in smart grid technology, and ensure the financial sustainability of the State Power Corporation.
The West Bengal Power Distribution and Grid Modernization Project aims to reduce the loss of the distribution system, increase the capacity of the distribution network to meet the increasing load demand, improve the overall reliability of the system, make the network resistant to climate disasters, and improve the system. The production capacity of the Bangladesh Power Distribution Company.
In the past five years, economic growth in West Bengal has led to a 4.5% increase in electricity demand.
In the past six years, the number of consumers of national distribution companies has more than doubled, reaching nearly 20 million consumers. The project will support the Indian government to implement the 24×7 Power for All program in the state and support WBSEDCL’s transformation into India’s leading public sector utility.
News Source : Construction Week