12 Aug 2024
The state-owned Power Finance Corporation (PFC) announced on the previous day that it had secured a loan of 25.5 billion Japanese yen (about Rs 147 crore) from the Japan Bank for International Cooperation (JBIC) for a wind power project. A PFC statement stated that the loan is part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative.
As per the statement, PFC has secured a long-term loan of 25.5 billion Japanese yen from JBIC. In addition to JBIC's contribution, the loan is being financed by Sumitomo Mitsui Banking Corporation and other Japanese banks.
JBIC will also provide a guarantee for the portion of the loan co-financed by these private financial institutions. The loan proceeds will be used to finance the 300.3 MW wind energy project undertaken by Ostro Kannada Power Private Ltd. (OKPPL) in Karnataka, India.
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