Bhutan and ADB Sign $120.5 Million Second Green Power Development Project

4 May 2015

A loan and grant financing agreement for Bhutan's Second Green Power Development Project was signed by the Royal Government of Bhutan and the Asian Development Bank (ADB) on 4 May 2015 on the sidelines of ADB's 48th Annual Meeting in Baku, Azerbaijan. Mr. Lyonpo Namgay Dorji, Bhutan Finance Minister and ADB Governor, represented the Bhutan Government at the signing. Mr. Hun Kim, Director General of ADB's South Asia Regional Department, signed on behalf of ADB.

This second ADB-financed hydropower project is valued at $120.5 million and will develop the 118 megawatt run-of-the-river Nikachhu hydropower plant, promoting regional energy trade between Bhutan and India, and helping Bhutan meet its growing demands for electricity.

The first SASEC Green Power Development Project—a $145 million loan and grant package which funded construction of Dagachhu hydropower plant—received the US Treasury Department's Development Impact Honors in 2013 as the world's first certified cross-border clean development mechanism. Clean energy exports in Bhutan are a primary source for government spending on socio-economic development, supporting social services such as health, education, and rural development. 

 

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