Why in News?
The Asian Development Bank (ADB) and the Government of Madhya Pradesh signed India's first Transaction Advisory Pact to mobilize USD 1 billion for renewable energy.
Key Points
- This is the first Transaction Advisory Services (TAS) mandate signed by the Asian Development Bank in India.
- The pact aims to mobilise USD 1 billion in private investment through the PPP mode for three clean-energy projects in Madhya Pradesh.
- One project combines solar power generation with battery energy storage at Shajapur to improve grid stability and peak-time supply.
- The pact supports the Madhya Pradesh Renewable Energy Policy 2025, which targets 50% of electricity demand from renewables by 2030.
Exam Connect
- Asian Development Bank (ADB) → established 1966 → headquarters Mandaluyong, Philippines → promotes social and economic development in Asia