Power Finance Corporation (PFC) has secured a long-term loan of JPY 25.5 billion from the Japan Bank for International Cooperation (JBIC) to finance a 300.3 MW wind energy project in Karnataka, India. The loan is part of JBIC’s ‘GREEN’ initiative, which aims to reconcile economic growth with environmental preservation.
The loan is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks, with JBIC providing a guarantee for the portion co-financed by private financial institutions.
The loan proceeds will be used to finance the wind energy project of Ostro Kannada Power Private Limited (OKPPL) in Karnataka, India.
This loan marks a significant step towards promoting renewable energy in India and supports the country’s efforts to reduce its carbon footprint
