Power Finance Corp Bags Rs 147-Crore Loan For Wind Energy Project In Karnataka

State-owned Power Finance Corp. announced on Thursday that it has secured a long-term loan of 25.5 billion yen (approximately Rs 147 crore) from the Japan Bank for International Cooperation for a wind energy project.

This loan is part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation initiative, a PFC statement said.

In addition to JBIC's contribution, the loan is co-financed by Sumitomo Mitsui Banking Corp. and other Japanese banks, the statement added.

JBIC will also provide a guarantee for the portion of the loan co-financed by SMBC and other private financial institutions.

The loan proceeds will be used to finance the 300.3-MW wind energy project of Ostro Kannada Power Pvt. in Karnataka.

(With Inputs From PTI)