Team News Riveting
New Delhi, October 28
India’s largest power producer, National Thermal Power Corporation (NTPC), today entered into foreign currency loan agreement with Japanese Government’s financial institution for JPY 50 billion (approx. USD 482 million or Rs. 3,582 crore).
This is 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.
The 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 JBIC guarantee.
The facility is extended under JBIC’s outreach for projects, which ensure conservation of the global environment. The loan proceeds will be utilized by NTPC Ltd, the PSU under Ministry of Power, for funding its capital expenditure for Flue Gas Desulphurization (FGD) and 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.
The loan agreement was signed by Anil Kumar Gautam, Director (Finance), NTPC and TANIMOTO Masayuki, Managing Executive Officer, Global Head of Infrastructure and Environment Finance Group, JBIC through video conferencing.
