Power Finance Corporation signs pact with JBIC for $220 million loan

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

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

JBIC has provided this long-term facility to PFC as part of its “Global Action to Reconcile Economic Growth and Environmental Preservation” (GREEN) initiative, in which JBIC funds projects that ensure the effective reduction of greenhouse gas emissions. greenhouse effect and global environmental conservation, he said.

Thus, funds from the facility would be used by PFC to finance its renewable energy portfolio.

The loan agreement was signed by RS Dhillon, CMD, PFC and Kazushige Gobe, Managing Director, Social Infrastructure Finance Department, JBIC. It was signed in the presence of Parminder Chopra, Director (Finance) at PFC, RR Jha, Director (Projects) at PFC and Toshihiko Kurihara, Chief Representative, JBIC New Delhi office.

RS Dhillon said this JBIC facility will be a historic transaction demonstrating the Quad partners’ strong unity and strong commitment to the Indo-Pacific region, while enhancing bilateral cooperation between Japan and India.

The facility would also help PFC provide competitive rates for renewable energy projects.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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