ADB To Lend India 79.3 Mln Dlrs For Wind Energy Project

ENERGY TECH

by Staff Writers
Manila (AFP) May 02, 2007
The Asia Development Bank (ADB) said Wednesday it had approved a 79.3 million dollar loan to India's largest private power company to set up and operate wind energy facilities. The loan will support Tata Power Co. Ltd in setting up and running wind power facilities in the state of Maharashtra which will produce 100 megawatts of electricity, the ADB said in a statement from its Manila-based headquarters.

The rupee-denominated loan comes without government guarantees and is aimed at developing alternative, environmentally sustainable energy sources, the ADB said.

It will also hopefully boost economic growth and encourage the private sector of the country and the international community to cooperate in renewable energy development, the ADB added.

India is the third largest energy-consumer in Asia, just behind China and Japan, and its growing economy has made it more dependent on fossil fuels which are more polluting.

"India urgently needs to explore sustainable energy development and the government has been working proactively to promote the use of renewable energy sources. We are glad we would be partnering with Tata Power to drive this initiative," said Takeo Koike, an ADB investment specialist.

Source: Agence France-Presse

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ENERGY TECH

Offshore Oilfield Development Could Enjoy Tax Breaks

Murmansk, Russia (RIA Novosti) May 03, 2007
Companies developing offshore oil deposits could enjoy tax breaks, Russia's president said Wednesday. "Such a decision needs assessments," Vladimir Putin said, speaking at a session of the State Council and the Maritime Board, a government agency overseeing seaports and the commercial fleet, in the ice-free Barents Sea port of Murmansk in northern Russia.

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