June 20 (Bloomberg) -- The Asian Development Bank bought a 25 percent stake in the renewable-energy unit of India’s Welspun Group for $50 million.
It’s the Manila-based lender’s largest direct equity investment in clean energy and will allow Welspun Renewables Energy Ltd. to double its solar and wind capacity to at least 600 megawatts by March 2016, according to project documents posted on the ADB’s website.
The ADB has set a target of investing as much as $2 billion a year in clean energy in the region to help meet increasing power demand. In India, it has previously provided loans to a solar project owned by billionaire Anil Ambani’s Reliance Power Ltd. and funded upgrades of power transmission infrastructure to help solar plants sell electricity.
Welspun Renewables is a unit of Welspun Corp., according to the documents.