World Bank Backs Himachal Power Sector with USD 200mn

World Bank Backs Himachal Power Sector with USD 200mn

The Government of Himachal Pradesh and the World Bank have joined hands for a project valued at USD 200 million to enhance power sector reforms in the state.

The project aspires to augment the share of renewable energy (RE) in the power mix of Himachal Pradesh, which has set sights on adding 10,000 MW of renewable energy.

Himachal Pradesh Power Sector Development Program

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The Himachal Pradesh Power Sector Development Program that is being supported by the World Bank, will help the state to optimize its current resources of renewable energy, with a focus on hydropower. It will also enable Himachal Pradesh to diversify its sources of renewable energy which meets a large part of its energy needs from hydropower (80%). The state is striving to achieve 150 MW of solar energy.

The Program eyes the augmentation of environmental, social, financial management, corporate governance, and procurement capacities in the power sector of the state.

Auguste Tano Kouame, the World Bank’s Country Director for India, stated, “The Program will boost local economic activity while replacing fossil-fuel based energy consumption with green energy. Moreover, the Program will support Himachal Pradesh to set up a single energy trading desk, thus enabling the sale of surplus hydropower to other states.”

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Heading into the future, the initiative will act as a model for investments in renewable energy in the Indian power market.

The Program is a much-needed initiative that will stabilize the grid and transmission system of Himachal Pradesh that has a difficult terrain. It will also pave the path for power utilities to operate on a green and low carbon electricity system.

Himachal Pradesh is eyeing the goal of becoming a Green Energy State and this Program will go a long way in giving a push to this goal.