ADB buys into India's Welspun

The Asian Development Bank (ADB) has made its largest ever investment in the clean energy sector, buying a $50m stake in the renewables subsidiary of India’s Welspun Group.

The ADB’s direct equity investment in Welspun Renewables Energy will allow it to double its wind and solar capacity to at least 600MW by March 2016.

The bank says the investment is part of project whereby it hopes to develop and commission a portfolio of 200MW of solar and 100MW of wind power projects by March 2016.

The ADB has set a target of pumping as much as $2bn a year into clean energy projects in the Asia region.