PFC Secures 25.5 Billion Yen Loan for Wind Energy Project

State-owned PFC has obtained a loan of 25.5 billion Japanese yen from JBIC for a wind energy project in Karnataka, India. The loan is part of JBIC's GREEN initiative and is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks.

State-owned Power Finance Corporation (PFC) announced on Thursday that it has secured a substantial loan amounting to 25.5 billion Japanese yen (approximately Rs 147 crore) from Japan Bank for International Cooperation (JBIC) for a wind energy project.

This funding is a part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative, according to a PFC statement.

The long-term loan will support the 300.3 MW Wind Energy Project of Ostro Kannada Power Private Ltd (OKPPL) in Karnataka, India. In collaboration with JBIC, Sumitomo Mitsui Banking Corporation and other Japanese financial institutions are also participating in the co-financing arrangement, with JBIC providing a guarantee for their portion of the loan.

(With inputs from agencies.)