PFC Secures JPY 25.5 Billion for Karnataka Wind Energy Project

Power Finance Corporation (PFC) has clinched a major financial boost of JPY 25.5 billion (approximately ₹147 crore) from the Japan Bank for International Cooperation (JBIC) to support a significant wind energy initiative. This funding is part of JBIC's GREEN initiative, aimed at balancing economic growth with environmental sustainability.

The funds will be allocated to the 300.3 MW wind energy project by Ostro Kannada Power (OKPPL) in Karnataka. This project is expected to contribute substantially to the region’s renewable energy capacity, aligning with India’s goals for cleaner energy.

In addition to JBIC’s substantial contribution, the financing package includes co-funding from Sumitomo Mitsui Banking Corporation and other Japanese banks. JBIC will also guarantee the portion of the loan provided by these private financial institutions, enhancing the project's financial stability.

PFC, a Maharatna company and leading non-banking financial company (NBFC) in the Indian power sector, is set to use this funding to advance its renewable energy portfolio. The initiative underscores PFC’s commitment to supporting sustainable energy solutions and strengthening its role in the global energy market.

This project marks a significant step forward in India's efforts to increase its renewable energy footprint, reflecting growing international collaboration in the clean energy sector.

News by Rahul Yelligetti