On Thursday, State-owned Power Finance Corporation (PFC) signed a JPY 30 billion loan agreement with the Japan Bank for International Cooperation (JBIC).

“PFC has signed a loan agreement for JPY 30 billion with the Japan Bank for International Cooperation (JBIC) on July 7, 2022,” the company said in a statement.

JBIC said the long-term loan is made to PFC under its ‘Global action for Reconciling Economic growth and Environmental preservation’ (GREEN) initiative, in which JBIC finances projects that ensure effective reductions in greenhouse gas emissions and protection of the global environment. PFC will use such funds under the facility to finance its renewable energy portfolio.

The loan agreement was signed by CMD R S Dhillon of PFC and Kazushige Gobe, Director of Social Infrastructure Finance at JBIC. It was signed by PFC Director (Finance) Parminder Chopra, PFC Director (Projects) R R Jha and JBIC New Delhi Office Chief Representative Toshihiko Kurihara.

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R S Dhillon said this facility at JBIC will be a landmark transaction that reflects the strong unity and commitment of the four partners to the Indo-Pacific region while also strengthening bilateral cooperation between Japan and India.
The facility will also help PFC provide competitive prices for renewable energy projects.