New Delhi, January 15, 2025: Power Finance Corporation (PFC), India’s largest NBFC and a Maharatna company, has signed a loan agreement worth JPY 120 billion (approximately Rs. 6,500 crore) with the Japan Bank for International Cooperation (JBIC). This agreement, aimed at advancing renewable energy initiatives, is the largest green financing deal executed by JBIC in India.
Key Highlights:
• Loan Details: JBIC will provide JPY 72 billion, with the remainder funded by commercial banks.
• Purpose: The funds will finance renewable energy projects under JBIC’s “GREEN” initiative, which supports global environmental preservation and reduction in greenhouse gas emissions.
• Signatories: The agreement was signed by Mrs. Parminder Chopra, CMD, PFC, and Mr. Ogawa Kazunori, SMD, JBIC, in the presence of key dignitaries from Japan and India.
Statements:
• “This credit line is four times larger than the previous one and supports India’s renewable energy vision,” said Mrs. Parminder Chopra, CMD, PFC.
• “India is a key partner for Japan, and this collaboration strengthens bilateral cooperation,” stated Mr. Ogawa Kazunori, SMD, JBIC.
Significance:
The funds will play a pivotal role in supporting India’s transition to non-fossil-fuel-based energy, contributing to the government’s sustainability goals and strengthening India-Japan economic ties.