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Home » IANS » NTPC ties up 50 bn yen funding under JBIC’s GREEN initiative

NTPC ties up 50 bn yen funding under JBIC’s GREEN initiative

By IANS
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New Delhi, Oct 28 (IANS) 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 on Wednesday entered into foreign currency loan agreement with Japanese financial institution for JPY 50 billion (approx $ 482 million/Rs 3,582 crore).

JBIC will provide 60 per cent 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 the JBIC’s guarantee.

The facility is extended under JBIC’s outreach for projects, which ensure conservation of global environment.

The loan proceeds will be utilized by NTPC for funding its capex for Flue Gas Desulphurisation (FGD) & renewable rnergy 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 Anil Kumar Gautam, Director (Finance), NTPC and Tanimoto Masayuki, Managing Executive Officer, Global Head of Infrastructure & Environment Finance Group, JBIC through video conferencing.

–IANS

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