In the first funding for NTPC Ltd under Japan Bank for International Co-operation (JBIC)’s GREEN initiative, India’s largest power producer today entered into foreign currency loan agreement with Japanese Government’s financial institution for JPY 50 billion (approx. USD 482 million).
About:
GREEN initiative stands for Global Action for Reconciling Economic growth and Environment preservation initiative. The facility is extended under JBIC’s outreach for projects, which ensure conservation of global environment.
JBIC will provide 60% 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 JBIC guarantee.
The loan proceeds will be utilized by NTPC Ltd, the PSU under Ministry of Power, for funding its capex for Flue Gas Desulphurization (FGD) & Renewable Energy projects.
FGD, substantially reduces the SOx emission in the flue gases of thermal power plants and is a critical step towards environmental sustainability.
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