India secures $173.4m Japanese loan for wind energy project

This is part of a JBIC’s GREEN operations.

The Japan Bank for International Cooperation (JBIC) has inked a $$173.4m (JPY25.5b) loan agreement with Power Finance Corporation Limited (PFC) for a wind farm project in Karnataka, India.

In a statement, JBIC said the loan will be provided to Indian company Ostro Kannada Power Private Limited through PFC for the 300.3-megawatt facility. 

JBIC will fund $91.8m (JPY13.5b) of the total loan.

The credit is based on the credit line that JBIC signed with PFC in July 2022 for renewable energy projects and energy efficient power generation and heat supply projects. It is also part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation project. 

The loan is co-financed with Sumitomo Mitsui Banking Corporation, the Bank of Yokohama, Ltd., the Shiga Bank, Ltd., and the Bank of Fukuoka, Ltd. 

JBIC said it will also provide a guarantee for the portion co-financed by the private financial institutions.

$1 = JPY147.45