NTPC ties up JPY 50 billion funding from JBIC
NEW DELHI: In the first funding for NTPC Ltd under Japan Bank for International Co-operation (JBIC)’s GREEN or Global Action for Reconciling Economic growth and Environment preservation initiative, India’s largest power producer today entered into a foreign currency loan agreement with the Japanese Government’s financial institution for JPY 50 billion (approx. USD 482 million or Rs. 3,582 crores). JBIC will provide 60% of the facility amount and the balance will be given by commercial banks (viz., Sumitomo Mitsui Banking Corporation, the Bank of Yokohama Ltd., the San-in Godo Bank Ltd., the Joyo Bank Ltd., and The Nanto Bank Ltd.), under JBIC guarantee.
The facility is extended under JBIC’s outreach for projects, which ensure the conservation of the global environment. The loan proceeds shall be utilized by NTPC for funding its CAPEXx for Flue Gas Desulphurization (FGD) & Renewable Energy projects. FGD substantially reduces the SOx emission in the flue gases of thermal power plants and is a critical step towards environmental sustainability.
The loan agreement was signed by Shri Anil Kumar Gautam, Director (Finance), NTPC, and Mr. TANIMOTO Masayuki, Managing Executive Officer, Global Head of Infrastructure & Environment Finance Group, JBIC through video conferencing.
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