Asian Development Bank likely to fund many new projects in power sector

Asian Development Bank (ADB) may fund various activities, including financial restructuring of discoms, which the UP Power Corporation Ltd (UPPCL) is planning to carry out in future to make the power sector financially viable.

According to officials aware of the development, the ADB representatives who on Friday held a long meeting with the UPPCL top management, expressed willingness for further engagement with the power corporation after funding UP Power Distribution Network Rehabilitation Project (UPDNRP).

The UPPCL told the visiting ADB team that the corporation was interested in getting funds for projects like modernization of assets through leading, financial restructuring of discoms, reducing losses due to transfer damage, energy accounting and auditing, capacity enhancement of the UP-sector staff, etc.