PFC Inks Loan Agreement Pact with Japan Bank for Project Loan of INR 165 Cr

PFC Issues Tender for Selection of Solar Power Developers for 1250 MW Solar Projects

Maharatna firm Power Finance Corporation (PFC) and non-banking financial company has entered into an agreement with Japan Bank for International Cooperation (JBIC). The pact is for a project loan worth JPY 2.65 billion, which is close to Rs 165 crore.

With the agreement, JBIC is looking to finance PFC’s projects that will curb greenhouse gas emissions.

Towards this, a general agreement has been signed between JBIC and PFC for JPY (Japanese Yen) 30 billion at the headquarters of JBIC at Tokyo. Power Finance Corporation Chairman and Managing Director R S Dhillon and the Managing Executive Officet of JBIC, Uchida Makoto signed the agreement.

This is not the first time that JBIC and PFC have signed a loan agreement. In July 2022, the two parties had signed a  loan agreement, under which Power Finance Corporation sought JPY 30 billion as loan amount from JBIC.

Recently, PFC also entered into an agreement with Bengaluru-based research institution Indian Institute of Science (IISc) to lend support to the set up of a state-of-the-art building that will be dedicated to research in energy. The new establishment will house the Interdisciplinary Centre for Energy Research (ICER). The new building that will come up will see an expenditure of Rs 60 crore in the span of the next two years. The establishment will boast of modern labs, seminar rooms, classrooms and faculty rooms. Facilities for the development of products related to energy will also be set up.  Research on green hydrogen and net zero technologies will be primarily undertaken at ICER

In its financial results declared recently, PFC reported a 7% increase in its consolidated profit, standing at Rs 5,241.10 crore in December quarter.