JBIC provides JPY 60 Billion loan to PFC for Green Energy project in Assam

New Delhi: Power sector Maharatna  Power Finance Corporation Ltd. (PFC), a leading NBFC,  has signed a loan agreement of JPY 60 billion (Rs 3600  crores) with the Japan Bank for International Cooperation (JBIC). This deal strengthens economic ties between India and Japan but also marks a crucial step in the field of sustainable development says a company press note.

The financing  is under JBIC’s “Global action for Reconciling Economic growth and Environmental preservation (GREEN Initiative), with co-financing support from Sumitomo Mitsui Banking Corporation  (SMBC) and other Japanese banks.

The loan agreement was signed at JBIC headquarters, Tokyo, Japan, this morning  the 29^{th of}  August by Mrs Parminder Chopra, CMD,  and  Nobumitsu Hayashi, Governor, JBIC in the presence of Sandeep Kumar, Director (Finance),  Ms. Jasneet Guram, ED (Finance) and JBC’s   Kazunori Ogawa, Senior MD, JBIC, Hiroyuki Suzuki, Director General, New Energy, and Power Finance Department II, Atsuki Shibuya, Deputy Director General, New Energy and Power Finance Department II. In addition, to execute the deal, a side agreement to the loan was exchanged with Sumitomo Mitsui Banking Corporation in presence of  Rajiv Kannan, Managing ED, Head of India Division, SMBC.

This loan will support the establishment of Assam Bio Ethanol Pvt Ltd’s pioneering second generation

Bio-Ethanol and chemicals plant in Assam. The project, which utilises bamboo as feedstock, is a significant stride toward cleaner energy and self-reliance.  It is noted,  PFC, with its innovative financial solutions, industry collaborations, and strong partnerships, plays a pivotal role in financing, promoting, and accelerating the development of India’s power and allied infrastructure. .