Power Finance Corporation has secured a long-term loan of JPY25.5 billion (₹1,400 crore) from the Japan Bank for International Cooperation (JBIC).
The loan proceeds will be used to finance a 300 MW wind energy project of Ostro Kannada Power Pvt Ltd in Karnataka. The loan is part of JBIC’s ‘Global Action for Reconciling Economic Growth and Environmental Preservation’ initiative.
The loan is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese Banks.
The non-banking financial company’s loan assets were at ₹4.75 lakh crore as on June 30.
The net non-performing assets ratio was at 0.87% in the first quarter of the financial year.
“The long-term power sector outlook looks promising,” Chairman and Managing Director Parminder Chopra had said last week. “The initiatives outlined by the government in the budget will create a strong ground for capital expenditure growth in the power sector.”
