Power Finance Corp Signs Loan Agreement With Japan Bank For JPY 30 Billion

An Indian financial institution under the ownership of the Ministry of Power, Power Finance Corp (PFC) has signed a loan agreement with Japan Bank for International Cooperation (JBIC). Through this loan agreement, Power Finance Corp will seek JPY 30 billion as loan amount from JBIC.

As part of its “Global action for Reconciling Economic growth and Environmental preservation” (“GREEN”) initiative, Japan Bank for International Cooperation (JBIC) has given Power Finance Corporation (PFC) a long-term facility. Through this initiative, JBIC finances endeavors that guarantee the efficient reduction of greenhouse gas emissions and preservation of the global environment. As a result, PFC would finance its portfolio of renewable energy sources with the sum provided by the facility.

The JPY 30 billion loan agreement was signed in the presence of Parminder Chopra, Director (Finance), PFC, R.R. Jha, Director (Projects), PFC, R.S. Dhillon, CMD, PFC, Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC, and Toshihiko Kurihara, Chief Representative, JBIC New Delhi Office.

R.S. Dhillon, CMD, PFC said during the event, “This facility from JBIC would be a good deal that would show the Quad Partners’ strong unity and steadfast commitment to the Indo-Pacific region, as well as strengthen bilateral ties between Japan and India. This facility would aid PFC in offering reasonable rates for projects involving renewable energy.”

Recently, Power Finance Corp (PFC) has been acknowledged with the prestigious ICAI (Institute of Chartered Accountants of India) silver award for excellence in financial reporting for the financial year 2020-21 in the ‘Public Sector Entities’ category.