State-owned Power Finance Corporation (PFC) on August 8 said that it has secured a loan of 25.5 billion Japanese yen (around Rs 147 crore) from Japan Bank for International Cooperation (JBIC) for a wind energy project.
This long-term loan is part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative, a PFC statement said.
In addition to JBIC's contribution, the loan is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks.
JBIC will also provide a guarantee for the portion of the loan co-financed by these private financial institutions.
The loan proceeds will be used to finance the 300.3 MW wind energy project of Ostro Kannada Power Private Ltd (OKPPL) in Karnataka.
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