Reliance Power Limited, one of India’s major private utilities, has received a $48m loan from the Asian Development Bank (ADB) to help finance a clean energy project.

According to Bloomberg, the loan will help fund a 40 MW solar power plant in the state of Rajasthan, which is expected to be completed by the second quarter of 2012.

Reliance Power will sell the electricity to Reliance Infrastructure Limited, also controlled by the Ambani group, for distribution to households in the city of Mumbai.

The project will enable Reliance Infrastructure to meet mandatory renewable energy targets set by the government says the ADB.

In August, Reliance Power received an $84m loan for the Rajasthan solar project from the US Export-Import Bank to purchase thin-film panels from the US’ First Solar Incorporated.

The total project cost is expected to be around $147m, the ADB said.

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