Bhutan bags $159.3m loan from EIB for RE projects

This will fund hydropower and solar projects in Bhutan.

Thiswill fund hydropower and solar projects in Bhutan.

Bhutan secured a 30-year $159.3m (EUR150m) loan from the European Investment Bank (EIB)whichwill be usedto fund around 310 megawatts (MW) of renewable energy projects.

In a statement, EIB said the first-ever investment in Bhutanwillfinance small to mid-size rund-of-river hydropower plants and solar projectsthat arecapable of generating around 670-gigawatt hours of power in its first year of operation.

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“As Bhutan strives to maintain its carbon-negative status amidst rising global challenges, this partnership not only strengthensBhutan'srenewable energy sector but also contributes to the broader regional and global effort in combating climate change,”Lyonpo Lekey Dorji, Finance Minister of the Kingdom of Bhutan, said.

The projects, which will be implemented by Druk Green Power Corporation, will also enable cross-border power trading, improving access to green power.

$1 = EUR0.94

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